Earning per Share

The earning per share was Rs. 0.70, dropped from Rs. 1.23 in 1998.

Fixed Assets

The total amount of fixed assets was Rs. 58,224 million as of 31st December 1999. It has increased by 24% in comparison with the previous year and equal to 82% of the total assets.

Capital Expenditure

Following the large capital investment in the previous year, the amount of capital expenditure was kept at the peak level of Rs. 15,311 million, to meet the strong demand for network expansion in the entire country and for various enhanced services. The capital investment was made through several kinds of fund sources, including ODA, vendor finance, Commercial Bank loan and internally produced funds from operation.

Financing Activities

The total amount of loans added during the year was Rs. 11,244 million, which resulted in total debt amounting to Rs. 31,116 million. The strategy of diversifying financing options was developed. While the Government loans based upon ODA fund continued to be the major source of finance, Rs. 4,100 million was obtained from a long-term syndicated loan and Rs. 1,060 million from a medium-term Commercial Bank loan. In addition, the first debenture issue was projected for pursuing the financing diversification. (The debenture was successfully issued with an amount of Rs. 1,500 million in March 2000. It was given a AA+ rating by the credit rating agency.)