R-Com net up 9.5 percentApril 30th, 2009 - 9:01 pm ICT by IANS
Mumbai, April 30 (IANS) Leading telecom service provider Reliance Communications (R-Com) has reported a 9.5 percent increase in its profits for 2008-09 to Rs.5,907.55 crore after accounting for minority interest, as compared to Rs.5,792.67 crore the previous fiscal.
However, without accounting for minority interest and associates, the net profit for the year slumped 9.5 percent from Rs.6,792.67 crore in 2007-08 to Rs.6,147.48 last fiscal.
The profit in the fourth quarter fell 3.3 percent from Rs.1,503.26 crore in January-March 2008 to Rs.1,454.31 in the corresponding period this year.
The quarterly net profit dipped 6.8 percent without the minority interest adjustment from Rs.1,627.26 crore in the 2007-08 last quarter, as against Rs.1,516.88 crore in the corresponding period last fiscal.
“Reliance Communications has completed the world’s largest network rollout in FY2009 ahead of schedule and at a very competitive cost which is approximately 35 percent lower than original guidance. We are confident of improved performance in the coming years,” R-Com chairman Anil Ambani said in a statement.
The company clocked a 20.3 percent increase in its turnover, which rose from Rs.19,068 crore in 2007-08 to Rs.22,941 crore last fiscal.
R-Com, which is the front-runner in the CDMA space, launched GSM services in January this year. Fuelled by the GSM demand, it recorded a 110 percent growth in its subscriber base during the last quarter of 2008-09, adding 11.3 million users.
During the year, the company, which has interests in telecom and broadband internet, launched Big TV, its direct-to-home (DTH) satellite offering.
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