RCoVL posts Rs 42 cr net profit

Reliance Communication Ventures Ltd, has posted a consolidated net profit of Rs 311 crore in the third quarter this fiscal.

Reliance Communication Ventures Ltd, the holding company of Anil Ambani's telecom businesses, has posted a consolidated net profit of Rs 311 crore in the third quarter this fiscal, although the cumulative profit earned in the first three quarters stand at a mere Rs 42 crore on account of the losses suffered earlier.

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In its information memorandum filed with stock exchanges for listing, RCoVL said it holds less than 50 per cent stake in its investments - Reliance Infocomm (RIC), Reliance Telecom (RTL) and Reliance Communication Infrastructure (RCIL).

The company was not required to prepare consolidated financial statements as it does not have any subsidiary, RCoVL said, adding the consolidated results have been prepared so that investors have a composite view of its entire business.

RCoVL had a sales turnover of Rs 8,654 crore, reserves of Rs 10,464 crore and net debt of Rs 3,702 crore at the end of December 2005, it said.

RIC posted a net profit of Rs 25 crore for April-December 2005 as against a loss of Rs 2,343 crore in the entire 2004-05. RIC had a turnover of Rs 6,813 crore, reserves of Rs 7,665 crore and net debt of Rs 1,962 crore at the end of December 2005.

RTL posted a net profit of Rs 92 crore on a turnover of Rs 470 crore during the first three quarters of 2005-06. It has reserves of Rs 92.24 crore and debt of Rs 174 crore.