Idea Cellular Q3 net more than doubles

Idea Cellular Q3 net more than doubles
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First Published: Sat, Jan 19 2008. 06 11 PM IST
Updated: Sat, Jan 19 2008. 06 11 PM IST
Mumbai: India’s sixth-largest wireless telecoms firm, Idea Cellular Ltd, said on Saturday its quarterly net profit more than doubled, boosted by an expanding user base in the world’s fastest growing wireless market.
Idea, part of conglomerate Aditya Birla Group, said its net profit for the December quarter jumped to Rs240 crore ($61 million) from Rs113 crore a year earlier.
Total revenue in the fiscal third-quarter rose to Rs1710 crore from Rs1150 crore a year earlier, it said.
Idea, which operates in 11 of India’s 23 telecom zones, last month formed an independent tower company with top mobile operator Bharti Airtel and Vodafone to share 70,000 tower units in India.
Bharti and Vodafone each own 42% in the venture, while Idea holds the remaining 16%.
Declining call rates, cheaper handsets and expansion of networks into smaller towns and rural areas have seen Indian operators adding more than 60 million users in eight months to November.
Shares in Idea Cellular, which was listed in March last year, closed 4.9% down at Rs136.05 on Friday in a Mumbai market that fell 3.49%.
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First Published: Sat, Jan 19 2008. 06 11 PM IST
More Topics: Idea Cellular | Mobile | Results | Q3 | Corporate News |