Reliance Communications Q2 consolidated loss at Rs2,709 crore
New Delhi: Debt-laden telecom operator Reliance Communications Ltd (RCom) on Saturday posted a consolidated loss of Rs2,709 crore in the quarter ended September.
The company had registered a profit of Rs62 crore in the same period a year ago. This is the fourth straight quarter of loss for the company. Total income of the Anil Ambani-led firm declined by 48% to Rs2,667 crore in the reported quarter from Rs5,142 crore in the corresponding period of the previous fiscal.
RCom, which is on the verge of shutting its voice call service, witnessed a decline in revenue from its both India and global operations. The India operations of the company recorded a loss before tax and financial cost of Rs1,669 crore as compared to profit of Rs611 crore during the same period a year ago.
The finance cost of the company, which is reeling under a debt of around Rs45,000 crore, increased to Rs1,149 crore during July-September 2017, as compared to Rs825 crore a year ago.
Shares of RCom on Friday closed at Rs14.05 a unit, down 6.33%, on the BSE.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.