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)
Trending On Reuters
Hundreds of Nepalis, angered and frustrated by the government's slow response, were digging through rubble themselves on Tuesday to find remains of their loved ones after a devastating earthquake three days ago killed more than 4,000 people. Full Article | Pictures