RCOM Q2 net down 52 per cent

RCOM Q2 net down 52 per cent

The company had consolidated net profit of Rs 1,531 crore in the same quarter last fiscal. “Profit after tax would have been higher at Rs 1,023 crore but for provision of foreign exchange or derivatives mark-to-market losses of Rs 283 crore,” the company said in a statement.

“In the near-term, the wireless sector in India is undergoing a challenging phase, with increased competitive intensity and continuing aggressive re balancing of mobile tariffs by all leading players,” RCOM Chairman Anil Ambani said.

The company’s consolidated revenue increased to Rs 5,703 crore in the quarter under review from Rs 5,645 crore in the year-ago period.

For the six-month period ended September, 2009, RCOM’s consolidated net profit dropped to Rs 2,376.88 crore from Rs 3,042.93 crore.

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