Reliance Comm Q4 net dips, but beats forecast
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.