November 3, 2018 / 4:38 PM / 7 months ago

RCom clocks second-quarter profit surge due to one-time gain

A man speaks on his mobile phone as he walks past a closed shop painted with an advertisement of Reliance Communications in Mumbai, India, January 29, 2018. REUTERS/Shailesh Andrade/File Photo

NEW DELHI (Reuters) - India’s Reliance Communications Ltd posted a sharp rise in its quarterly profit on Saturday, as it recorded a one-time gain.

Net profit for the July-September quarter came in at 67.98 billion rupees ($939 million), compared to a profit of 420 million rupees a year earlier.

Revenue from operations fell 41.7 percent to 3.34 billion rupees.

The company said earlier this year that it had completed the sale of its fibre assets to Reliance Jio, the telecoms arm of oil-to-telecoms conglomerate Reliance Industries Ltd.

($1 = 72.4350 Indian rupees)

Reporting By Aditya Kalra in New Delhi and Arnab Paul in Bengaluru; Editing by Edmund Blair

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