Debt-ridden: RComm Q3 net profit falls 61% | business | Hindustan Times
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Debt-ridden: RComm Q3 net profit falls 61%

business Updated: Feb 10, 2012 21:10 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Anil Ambani-led Reliance Communications on Friday reported a 61% fall in net profit at Rs 186 crore for the October-December quarter against Rs 480 crore a year-ago, as the country's second-biggest mobile phone operator by subscribers struggles under a heavy debt load.

Its 10th straight quarter of declining earnings was, however, in line with market estimates

Total income stood at Rs 5,052 crore during the quarter, while its active subscriber base grew to 150 million from 147 million in the previous quarter. The company also 2.8 million active 3G subscribers.

RComm, which last month secured $1.18 billion in loans from Chinese state banks to repay maturing foreign bonds, has long been trying to sell assets to cut its debt — $6.5 billion as of September — but has so far had little success. Reliance is also looking to raise up to $1.5 billion in a Singapore listing of its undersea cable business, sources said last month.