The Hindu Business Line : Reliance Communications Q3 net profit at Rs 310 cr

RELIANCE Communications Ventures Ltd (RCVL) posted a net profit of Rs 310 crore for the third quarter ended December 31, 2005, on revenues of Rs 3,327 crore, according to a statement from the Reliance group of Anil Ambani.

RCVL is the holding company of four telecom companies of the Anil Ambani group and is expected to list in the week starting March 6.

The "proforma" numbers are based on the financial performance of all these four companies: Reliance Infocomm Ltd, Reliance Communications Infrastructure Ltd, FLAG Telecom and Reliance Telecom (prior to adjustments for minority interests), said the statement.

The individual companies' contribution to the results were not provided.

RCVL also reported EBIDTA of Rs 848 crore and a cash profit of Rs 720 crore for the third quarter ended December 31, 2005. (EBIDTA has been steadily rising, it was Rs 167 crore for the first quarter and Rs 416 crore for the second quarter of the fiscal.) Revenues for the first quarter were Rs 2,540 crore and for the second quarter Rs 2,787 crore.

There were no year-ago results as the company was not in existence in 2004-05. But RCVL had recorded a net loss of Rs 250 crore for the first quarter ended June 30, 2005, this being the period prior to the announcement of restructuring and demerger of the Reliance group, said the statement. For the second quarter of the current fiscal, the net loss had been Rs 18 crore.

On Monday, a statement from the group had said that the boards of Reliance Infocomm and Reliance Communications Infrastructure Ltd approved write-offs and provisions aggregating Rs 4,500 crore up to March 31, 2005, for these two companies.

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