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Bharti Airtel Q2 net falls 29% on forex losses

Reuters  New Delhi, October 30, 2013
First Published: 09:45 IST(30/10/2013) | Last Updated: 12:22 IST(30/10/2013)

Bharti Airtel Ltd  reported a 29% fall in quarterly profit on foreign exchange losses, the 15th consecutive quarter of declining profits for the world's No.4 mobile phone carrier by customers.

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Consolidated net profit fell to Rs. 5.12 billion ($83 million)for its fiscal second quarter ended Sept. 30 from Rs. 7.21 billion  a year earlier, New Delhi-based Bharti Airtel said in a statement.

Analysts on average expected a net profit of 6.90 billion rupees for the company, nearly a third owned by Southeast Asia's top phone carrier SingTel.

A weak rupee led to forex losses of Rs. 3.42 billion in the latest quarter, it said.

The company's consolidated net debt was at $9.7 billion at end-September.

Bharti Airtel operates across 20 countries in Asia and Africa.

India is its main market accounting for about 70% of the total revenue.

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