RCom Q2 net plunges 60 per cent

Reliance Communications Ltd reported a sharper-than-expected 60 percent decline in quarterly profit as the country's No.3 mobile phone carrier by customers struggles with its heavy debt load.

Consolidated net profit fell to Rs 1.02 billion for its fiscal second quarter ended September, from 2.52 billion rupees reported a year earlier, Reliance Communications, controlled by billionaire Anil Ambani, said in a statement on Thursday.

Analysts had expected the company to report a net profit of Rs 1.64 billion, according to Thomson Reuters I/B/E/S.

Shares in Reliance Communications, valued at $2.2 billion, closed 1.4 percent higher ahead of the earnings announcement. The stock is down 16 percent this year, underperforming the benchmark Mumbai index that is up 22 percent.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Prabhu Express has trundled into town with a cargo of feel-good promises

    Railway minister Suresh Prabhu, punning on his own name, sought divine intervention more than once while delivering his maiden rail budget last Thursd

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schoettli

The hidden attractions of Japan

We live in the Asian century. During the past two ...

Zehra Naqvi

Star power

Being a part of the generation that gorged on Shah ...

Bubbles Sabharwal

The waking moment decides the day

There was a little girl/ Who had a little curl/ ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture