Rcom Q1 net dips 85 pc on forex provisioning

AGAG firm Reliance Communications today reported an 84.67 per cent decline in consolidated net profit at Rs 250.89 crore for the April-June quarter this year due to high foreign exchange provisioning.

AGAG firm Reliance Communications on Friday reported an 84.67 per cent decline in consolidated net profit at Rs 250.89 crore for the April-June quarter this year due to high foreign exchange provisioning.

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The company had a net profit of Rs 1,636.61 crore in the same quarter previous year, Reliance Communications (Rcom) said in a filing to the Bombay Stock Exchange.

The company said "net profit lower at Rs 251 crore is due to notional provisioning on the forex."

Total income from operations declined to Rs 5,068.50 crore in the first quarter ended June 30, from Rs 5,842.96 crore in the same quarter previous year.

The company during the quarter had a financial charges of Rs 439.67 crore.