Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Reliance Communications Q3 net down 57%, beats forecast
BackBack

Reliance Communications Q3 net down 57%, beats forecast

Reliance Communications Q3 net down 57%, beats forecast

Premium

New Delhi: Reliance Communications, the second-biggest mobile carrier by customers in the country, reported a 57% drop in quarterly profit, its sixth straight quarter of profit fall, hit by lower call prices and costs from its heavy debt burden.

Reliance Comm, controlled by Anil Ambani, the sixth richest Indian, said consolidated net profit after adjustment of share of minority interest and associates fell to 4.80 billion ($105 million) for its fiscal third-quarter ended December, from 11.08 billion in the year-ago quarter.

A Reuters poll of 12 brokerages had expected the Mumbai-based firm to report a net profit of 3.97 billion.

Reliance Comm has so far been unsuccessful in its fund-raising plans to reduce its heavy debt, which stood at $6.4 billion at end-September. The company is looking to sell a stake in its tower business and is also hunting for a strategic investor to sell up to 26% in itself, among other options.

Reliance Comm has lost about a third of its market value this year to be the worst-performing stock among the benchmark index’s components.

The company’s executives are among those who authorities are investigating as part of a probe into a telecoms licence row that a government auditor said could have cost the government upto $39 billion in potential revenue.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 Feb 2011, 05:16 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie