Reliance Communication Ventures posts 30% rise in 1Q profits

2 May 2006

Reliance Communication Ventures Ltd (RCoVL), the Anil Dhirubhai Ambani group company, has reported a 30% quarterly rise in net profit for the first three months of 2006, up to INR4.03 billion (USD89.9 million) from INR3.1 billion in the fourth quarter of 2005. The results are the first quarterly financials posted by RCoVL since it was listed on 6 March. The consolidated financial results relate to RCoVL and its operating companies, including Reliance Infocomm (RIC), Reliance Communications Infrastructure (RCIL), Reliance Telecom (RTL) and FLAG Telecom. Revenues in the quarter ended 31 March reached INR29.7 billion. Around 71% of the company’s turnover came from its wireless business, which contributed INR21.2 billion in the period; broadband revenues reached INR1.3 billion.

India, Reliance Communications (RCOM)