Reliance Comm Q1 net drops 37%, lags forecast

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Reliance Comm Q1 net drops 37%, lags forecast

Reliance Communications reported a sharper-than-forecast 37% fall in quarterly profit, its eighth straight quarter of profit drop, as the country's No 2 mobile carrier by subscribers struggles with its bruising debt load.

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Reliance Communications reported a sharper-than-forecast 37% fall in quarterly profit, its eighth straight quarter of profit drop, as the country's No 2 mobile carrier by subscribers struggles with its bruising debt load.

Reliance Comm, controlled by billionaire Anil Ambani, said consolidated net profit fell to Rs 157 crore (USD 35 million) for its fiscal first quarter ended June, from Rs 250 crore reported a year earlier.

A Reuters poll of brokerages had on average expected net profit of Rs 200 crore for the Mumbai-based firm that had more than 143 million mobile subscribers at end-June.