Profits of Bangladesh Submarine Cable Company Ltd almost doubled in nine months of 2020-21 fiscal year, thanks to the higher turnover with the same operating costs amid the coronavirus pandemic.
The state-run telecom services provider's profits surged 90 per cent to Tk 124 crore in the nine months to March this year.
Its profits rose due to an increase in revenue and there was no significant additional expenditure against the increased revenue, the company said in a post at the Dhaka Stock Exchange today.
BSCCL's turnover rose 34 per cent to Tk 244 crore in the same period. However, its direct cost and operating costs fell 16 per cent to Tk 75 crore during the same period.
"During this period, BSCCL management has decided to release a sum of provision for bad and doubtful debts made earlier period or years due to realisation of long-pending outstanding Tk 36.89 crore from BTCL and Tk 7.09 from BSNL, India. As such there is a positive impact of EPS enhancement," the company said.
Internet use increased significantly during the pandemic.
Bandwidth usage increased about 20-25 per cent because people are using the internet for 6-8 hours a day amid the Covid-19 pandemic, the average of which was about 2 hours before the outbreak.
According to BSCCl, about 2,600-2,700 Gbps of bandwidth is currently being used in the country.
The state-run entity has 2,800 Gbps of capacity from its two submarine cables.
Currently, it provides 1,600Gbps. The third undersea cable will add another 7,200 Gbps, said BSCCL insiders.