Nepal Telecom (NT) witnessed a 16.44 percent decline in its net profits in the last fiscal year due to a heavy fall in its revenue and hefty amount of money that it needed to pay for renewing its license during the period.

According to the financial report unveiled by the state-owned telecommunication company, it earned net profits of Rs 6.62 billion in the fiscal year 2023/24, down from Rs 7.92 billion in the previous FY. It shows a decline in the NT’s profits by Rs 1.30 billion in the review period.

The heavy fall in the NT’s profits has been attributed to a notable decline in its revenue. Last FY, the NT generated revenue worth Rs 41.61 billion, which was Rs 2.80 billion less compared to the revenue earning of Rs 44.42 billion in the previous FY. The operating revenue of the NT also declined to Rs 34.46 billion from Rs 36.27 billion.

Likewise, the NT received renewal of its operating license by settling a fee worth Rs 20 billion to the government. The earning of the telecommunication company stood at Rs 36.77 per share.