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Reliance Communications Q4 Net Profit Falls 22%

The debt-laden company has undertaken a series of deals in the last six months to sell non-core assets and cut debt, including a spectrum swap deal with elder brother Mukesh Ambani's company

Photo Credit : Reuters

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Reliance Communications Ltd on Monday posted a 22 per cent fall in its fourth-quarter net profit, hurt by lower revenue from voice and data services.

The company, controlled by billionaire Anil Ambani, reported a net profit of Rs 1.77 billion ($26.36 million) for its financial fourth quarter to March 31, compared with 2.28 billion rupees a year earlier.

Total income from operations fell 1.3 per cent to Rs 56.17 billion.

The debt-laden company has undertaken a series of deals in the last six months to sell non-core assets and cut debt, including a spectrum swap deal with elder brother Mukesh Ambani's company.

RCom also signed a non-binding pact in December to sell its mobile phone masts business to a group of companies led by buyout firm TPG Capital Management LP, but the final terms of that deal are yet to be announced.

(Reuters)