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RCOM Profit Down 40% YoY For Q2-11; MoU Flat

Reliance Communications (RCOM) has reported, on a consolidated basis, net profit of Rs. 446 crore, down 39.76% year on year, but a significant improvement sequentially, up 77.74% from the Rs. 250.89 crore profit it reported last quarter. RCOM says that profit would have been higher at Rs. 1181 crore, had it not been for an adjustment of foreign exchange losses of Rs. 779.95 crore for the previous quarter.

During the quarter, RCOM and GTL called off their big ticket Rs. 50,000 crore tower infrastructure deal. It also inked deals with Nokia for Ovi Life Tools, Ovi Music and free data for customers, as well as deals with Universal Music for mobile content. RCom President and CEO (Wireless Business) Syed Safawi told PTI that 3G services will be launched in 60-90 days.

Revenue for RCOM declined 10.25% year on year to Rs. 5118.3 crore from Rs. 5702.56 crore, though sequentially, revenue remained more or less flat (down 0.18%), despite Q2 traditionally being the slowest quarter for the wireless business; in that context, it’s important to note that minutes of usage for RCOM were marginally higher quarter on quarter 94.6 billion, as compared with 94.4 billion last year.

RCOM reported an EBITDA of Rs. 1,660 crore, compared to Rs 1,632 crore reported last quarter, and Rs. 2020 crore reported for the same quarter last year. EBITDA margin improved to 32.4% from 31.9% sequentially; the company said that the Enterprise and Globalcom business accounted for 35% of consolidated EBITDA, a share that remained steady sequentially.

RCOM’s customer base, at the end of the quarter, was up to 117 million, from 111 million last quarter.

Details: Consolidated ResultsStandalone Results | Previous Quarter

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