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Reliance Communications Q4 net profit almost halves

Reliance Communications said consolidated net profit fell to $26 mn.

By: Reuters | Mumbai | May 2, 2014 7:54:31 pm
Reliance Communications, controlled by billionaire Anil Ambani. (Reuters) Reliance Communications, controlled by billionaire Anil Ambani. (Reuters)

Reliance Communications Ltd, India’s fourth-biggest cellular carrier by customers, reported a higher-than-expected 48.5 percent fall in quarterly profit from a year ago-period that had been aided by one-off gains, even as carriers are benefiting from lower competition and higher call prices.

Reliance Communications, controlled by billionaire Anil Ambani, said consolidated net profit fell to 1.56 billion rupees ($26 million) for its fourth quarter ended March 31, from 3.03 billion rupees reported a year earlier.

That compared with analysts’ average estimate of 2.15 billion rupees, according to Thomson Reuters data.

($1 = 60.3150 Indian Rupees)

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