Reliance Communications Q4 net profit falls 22%

The company, controlled by billionaire Anil Ambani, reported a net profit of 1.77 billion rupees ($26.36 million) for its financial fourth quarter to March 31, compared with 2.28 billion rupees a year earlier.

India’s Reliance Communications Ltd on Monday posted a 22 percent fall in its fourth-quarter net profit, hurt by lower revenue from voice and data services.

Reliance Communications has undertaken a series of deals in the last six months to sell non-core assets and cut debt.

The company, controlled by billionaire Anil Ambani, reported a net profit of 1.77 billion rupees ($26.36 million) for its financial fourth quarter to March 31, compared with 2.28 billion rupees a year earlier.

Total income from operations fell 1.3 percent to 56.17 billion rupees.

The debt-laden company has undertaken a series of deals in the last six months to sell non-core assets and cut debt, including a spectrum swap deal with elder brother Mukesh Ambani’s company.

RCom also signed a non-binding pact in December to sell its mobile phone masts business to a group of companies led by buyout firm TPG Capital Management LP, but the final terms of that deal are yet to be announced.