A day after it announced it has written off Rs 4,500 crore from its balance-sheet, Reliance Communications Ventures Ltd (RCVL) today announced a net profit of Rs 310 crore on a turnover of Rs 3,327 crore for nine months ended December 2005.This profit compares with a net loss of Rs 250 crore for the quarter-ended June 2005, the period prior to the announcement of restructuring and demerger of the Reliance group. The loss came down to Rs 18 crore for the quarter-ended September 2005.These proforma numbers are based on financial performance of all companies in the Reliance Communications group, including Reliance Infocomm Ltd, Reliance Communications Infrastructure, FLAG Telecom and Reliance Telecom.RCVL is not yet a listed company, and disclosure of quarterly financial results is statutorily not required to be made. Earlier in the day Anil Ambani-controlled Reliance Capital Ventures Ltd was listed on the BSE and the NSE. It closed the day at Rs 22.35. The parent company Reliance Capital closed the day at Rs 458. The market capital of RCVL was Rs 2,734 crore.Both Reliance Capital Ventures Ltd and Reliance Capital will be eventually merged in the ratio of five equity shares of Rs 10 each of RCL for 100 shares of Rs 10 each of RCVL.
