India's Reliance Comm Q2 net plunges 60 pct
NEW DELHI Nov 8 (Reuters) - India's Reliance Communications Ltd reported a sharper-than-expected 60 percent decline in quarterly profit as the country's No.3 mobile phone carrier by customers struggles with its heavy debt load.
Consolidated net profit fell to 1.02 billion rupees ($19 million) for its fiscal second quarter ended September, from 2.52 billion rupees reported a year earlier, Reliance Communications, controlled by billionaire Anil Ambani, said in a statement on Thursday.
Analysts had expected the company to report a net profit of 1.64 billion rupees, according to Thomson Reuters I/B/E/S.
Shares in Reliance Communications, valued at $2.2 billion, closed 1.4 percent higher ahead of the earnings announcement. The stock is down 16 percent this year, underperforming the benchmark Mumbai index that is up 22 percent. ($1 = 54.0650 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Matt Driskill, Aradhana Aravindan)
- Tweet this
- Share this
- Digg this
- Google launches new email service dubbed "Inbox"
- U.S.-led air strikes killed 521 fighters, 32 civilians in Syria - monitor
- Lax security in focus after attack at Canada's parliament
- India hope to get boxer Sarita Devi's suspension reversed
- Apple CEO says to add 25 stores in China within two years - Sina
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article