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Journalism of Courage
ADAG firm Reliance Communications today reported an 84.67 per cent decline in consolidated net profit at Rs 250.89 crore for the April-June quarter this year due to high foreign exchange provisioning.
The company had a net profit of Rs 1,636.61 crore in the same quarter previous year,Reliance Communications RCom said in a filing to the Bombay Stock Exchange.
The company said 8220;net profit lower at Rs 251 crore is due to notional provisioning on the forex.8221;
Total income from operations declined to Rs 5,068.50 crore in the first quarter ended June 30,from Rs 5,842.96 crore in the same quarter previous year.
The company during the quarter had a financial charges of Rs 439.67 crore.
Meanwhile,minutes of usage increased to 95.4 billion in the April-June quarter current fiscal,up 13.3 per cent from 83.3 billion in the same quarter last year.
Customer base of the company rose by 39.2 per cent to 111 million in the June quarter from 80 million in the same quarter last year,the company said.
Shares of Reliance Communications today closed at Rs 168.10 on BSE,down 2.94 per cent from the previous close.
