Bonus $100
Chennai Super Kings vs Sunrisers Hyderabad
Fury vs Usyk
IPL 2024
Paris 2024 Olympics
PROMO CODES 2024
UEFA Euro 2024
Users' Choice
88
87
85
69

RCom's Q1 profit slumps 37%

15 Aug 2011
00:00
Read More

India's Reliance Communications has reported a 37% slump in June-quarter net profit to 1.57 billion rupees ($34.59 billion), due to high debt costs and forex losses.

The company, India's second largest mobile operator by subscribers, also reported a 3.3% decline in revenue to 49.40 billion rupees.

It was RCom's eighth straight quarter of declining profit, according to Reuters, and the scale of the slump was significantly worse than the analysts polled by both Reuters and Bloomberg had been expecting.

The company ended the quarter with over 143 million mobile customers, but was saddled with a debt burden of more than $7 billion.

But RCom hopes that a planned sale of its tower infrastructure business will reduce its debt by nearly half.

Earnings for the quarter were also impacted by the aggressive price competition in India's cutthroat mobile market.

.

Related content

Rating: 5
Advertising