Reliance Communications Q3 net profit up 7.7 percent
February 14th, 2011 - 8:27 pm ICT by IANSMumbai, February 14 (IANS) Leading telecom service provider Reliance Communications Monday reported a 7.7 percent rise in its net profit at Rs.480 crore ($107 million) for the quarter ended Dec 31 as compared to the previous quarter. The company, part of the Anil Dhirubhai Ambani Group, also saw its customer base soar by a whopping 34 percent to 126 million, against 94 million in the corresponding quarter of previous fiscal.
The earnings before interest, tax, depreciation and amortisation rose to Rs.1,668 crore ($373 million) in the quarter under review, compared to Rs.1,660 crore ($369 million) in the sequential quarter.
During the quarter, Reliance Communications launched its third generation (3G) services in Delhi, Mumbai, Kolkata and Chandigarh and plans to extend such services to all 13 telecom circles where it holds 3G licenses by end of the current fiscal.
The company also signed a memorandum of understanding with China Development Bank Corporation for syndicated loan financing of $1.93 billion, covering a loan of $1.33 billion for refinancing 3G spectrum fees.
This agreement also covers financing of up to $600 million towards 85 percent of equipment and services to be procured from Chinese telecom equipment manufacturers Huawei and ZTE. This is over and above the existing $750 million facility already utilised by Reliance Communications for procurement of equipment from these companies.
- Reliance Communications raises $255 mn for part-finance of 3G loan - Jan 18, 2011
- Reliance draws second tranche of loan - May 12, 2011
- Reliance Communication to get $1.93 bn from China Bank - Dec 15, 2010
- Reliance Communications gets $665 mn from Chinese bank - Mar 17, 2011
- Reliance Communications gets RBI nod for refinancing FCCBs - Feb 16, 2012
- Reliance Communications inks $1.9 bn loan deal with Chinese bank - Mar 09, 2011
- Huawei to manage Bharti Airtel's 4G network in Karnataka - May 01, 2012
- Indian telecom industry's revenue plunges 2.52 percent - Jun 22, 2011
- RComm sequential quarterly profit rises 60.5 percent - Nov 12, 2011
- Idea Cellular quarterly net profit declines 12 percent - Jul 29, 2011
- Sibal to launch Bharti Airtel's 4G services Tuesday - Apr 09, 2012
- Reliance Communications revenue rises 4.4 percent in 2010-11 - May 30, 2011
- Reliance Comm posts Rs.157 crore Q1 profit - Aug 13, 2011
- Bharti Airtel quarterly net income down 28 percent (Lead) - May 02, 2012
- Reliance Communications quarterly revenue rises at Rs.5,052 crore - Feb 10, 2012
Tags: 3g licenses, anil dhirubhai ambani group, chandigarh, china development bank, customer base, huawei, interest tax, kolkata, loan financing, memorandum of understanding, net profit, rs 1, sequential quarter, syndicated loan, tax depreciation, telecom circles, telecom equipment manufacturers, telecom service provider, third generation, zte