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RCom Q2 jumps 86% on increased subscriber numbers

RCom Q2 jumps 86% on increased subscriber numbers
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First Published: Wed, Oct 31 2007. 04 28 PM IST
Updated: Wed, Oct 31 2007. 04 28 PM IST
Reuters
Mumbai: Reliance Communications, India’s second-largest mobile firm, said on 31 October 2007 its quarterly net profit jumped 86%, helped by increasing subscriber numbers.
The firm, which had 36.3 million wireless users at end-September, said net profit for the quarter ended 30 September rose to Rs1,305 crore, from Rs702 crore reported a year earlier.
The company said in August it had booked Rs1,200 crore from a 5% stake sale in its tower unit.
Excluding the one-off gain, analysts polled by Reuters had expected net profit to rise 75% to Rs1,228 crore.
Net sales rose to Rs4,553 crore from Rs3,526 crore a year earlier.
The firm gets more than 65% of its revenue from wireless subscribers, and analysts polled by Reuters had forecast revenue of 47.29 billion.
Larger rival Bharti Airtel on the same day reported a better-than-expected 73% rise in quarterly net profit to Rs1,614 crore.
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First Published: Wed, Oct 31 2007. 04 28 PM IST