Reliance Communications Q4 net profit falls 22 percent| Reuters

MUMBAI Reliance Communications Ltd on Monday posted a 22 percent fall in its fourth-quarter net profit, hurt by lower revenue from voice and data services.

Reuters May 30, 2016 23:18:13 IST
Reliance Communications Q4 net profit falls 22 percent| Reuters

Reliance Communications Q4 net profit falls 22 percent Reuters

MUMBAI Reliance Communications Ltd on Monday posted a 22 percent fall in its fourth-quarter net profit, hurt by lower revenue from voice and data services.

The company, controlled by billionaire Anil Ambani, reported a net profit of 1.77 billion rupees ($26.36 million) for its financial fourth quarter to March 31, compared with 2.28 billion rupees a year earlier.

Total income from operations fell 1.3 percent to 56.17 billion rupees.

 

The debt-laden company has undertaken a series of deals in the last six months to sell non-core assets and cut debt, including a spectrum swap deal with elder brother Mukesh Ambani's company.

RCom also signed a non-binding pact in December to sell its mobile phone masts business to a group of companies led by buyout firm TPG Capital Management LP, but the final terms of that deal are yet to be announced.

 

($1 = 67.1350 Indian rupees)

 

 

(Reporting by Himank Sharma; Editing by Subhranshu Sahu)

 

This story has not been edited by Firstpost staff and is generated by auto-feed.

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