1Q results see net profit and revenues both climb for RCOM

1 Aug 2008

India’s second largest mobile operator by subscribers, Reliance Communications (RCOM), has announced its financial results for the three months ended 30 June 2008. The company saw net profit rise by 23.8% to INR15.1 billion (USD355 million), attributing the strong performance to the growth in its subscriber base; five million new users were added over the quarter to take its total to 50.7 million. Revenues also increased year-on-year, rising 24% to INR53.2 billion. RCOM reiterated plans to expand and upgrade its network infrastructure, confirming it had set aside USD6 billion for the period up to March 2009. The investment will include furthering the rollout of RCOM’s GSM network, which presently extends to just eight of India’s 23 regions, to allow the cellco to better compete against rivals including Bharti Airtel and Vodafone Essar.

India, Reliance Communications (RCOM)