Fri, 10 May 2013 22:30:00 GMT | By Reuters

Reliance Comm Q4 net dips, but beats forecast

The Anil Ambani controlled company has so far been unsuccessful in its efforts to cut debt through stake sales in units


Reliance Comm Q4 net dips, but beats forecast (© Reuters)

New Delhi: Reliance Communications Ltd reported a smaller than expected 8.7 percent fall in quarterly profit as one-off gains helped to offset the impact of a heavy debt load at the country's third-biggest mobile carrier by customers.

Reliance Communications, with net debt of $7.2 billion as of end-March, or more than five times its annual operating profit, is the most-leveraged among listed Indian carriers. The company has so far been unsuccessful in its efforts to cut debt through stake sales in units, but earlier on Friday said it repaid a $500 million loan it had taken in 2007.

A planned sale of its telecommunications infrastructure unit that had been expected to raise about $3 billion has dragged on for more than two years. Last year, it was forced to shelve a Singapore listing of its undersea cable unit due to weak investor demand.

(Continued)
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