RCom’s Q1 Net Loss Narrows to ₹342 Crore

Debt-laden Reliance Communications (RCom) has pared its consolidated net loss to ₹342 crore for the quarter ended June 30, 2018, compared with a loss of ₹1,245 crore in the same period a year ago. The Anil Ambani group company had posted a loss of ₹19,776 crore in the fourth quarter of previous financial year.

RCom, which is under a debt resolution process, said it expects to close the process in the second quarter of this financial year “as planned”. The company, which had discontinued its wireless business, reported losses of ₹233 crore related to the discontinued business.

The company’s revenues for its continuing businesses for the reporting quarter stood at ₹1,008 crore as against ₹976 crore recorded during the trailing quarter. Its EBITDA for continuing businesses for first quarter stood at ₹136 crore as against trailing quarter of ₹159 crore.

RCom’s net loss for continuing businesses was at ₹110 crore in Q1, against a net loss of ₹79 crore recorded during the trailing quarter. RCom’s Indian operations contributed ₹482 crore, while global business segment added ₹630 crore to the total revenue. – The Hindu BusinessLine