Reliance Communications Q1 loss widens to Rs 366 crore

By: |
August 9, 2019 9:52 PM

The loss excludes interest of Rs 1,094 crore and foreign exchange variation of around Rs 33 crore during the reported quarter.

Total income of RCom during the reported period declined to Rs 866 crore from Rs 1,008 crore a year ago.Total income of RCom during the reported period declined to Rs 866 crore from Rs 1,008 crore a year ago.

Debt-ridden Reliance Communications on Friday reported widening of consolidated loss to Rs 366 crore in the first quarter ended June 30, 2019. The company had posted a loss of Rs 342 crore in the same period a year ago.

The loss excludes interest of Rs 1,094 crore and foreign exchange variation of around Rs 33 crore during the reported quarter.

“Had the company provided interest and foreign exchange variation, the loss would have been higher by Rs 1,061 crore for the quarter ended June 30, 2019,” RCom auditor said in a statement. The Anil Ambani led company is under going insolvency process.

The insolvency resolution professional took over custody of the management and operations on May 2, 2019, but on June 28 it was transferred to the resolution professional of corporate debtor.

While RCom has closed down its mobile telephony business, it has been running some of the business from enterprises.

Total income of RCom during the reported period declined to Rs 866 crore from Rs 1,008 crore a year ago.

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