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Reliance Communications reported a consolidated profit of Rs 1,141 crores during the September-end quarter of FY 2019, because of a one-time gain of Rs 6,876 crores from business structuring and non-provisioning of interest to be paid to lenders. The company in the same quarter of previous fiscal had registered the loss of Rs 2,712 crore.
Debt-ridden RCom said in a statement that they did not factor in the interest of Rs 1,075 crore during the reported quarter due to its ongoing debt resolution proceedings.
According to the report, “Had the company provided interest and foreign exchange losses, the profit would have been lower by Rs 2,089 crore and Rs 3,876 crore for the quarter and half-year ended September 30, 2018.”
As per the regulatory filings, the consolidated revenue during the said quarter declined by about 12 per cent to Rs 1,014 crores from Rs 1,152 crores in the same quarter period a year ago. The net loss for continuing business inclined to Rs 125 crores as against a net loss of Rs 110 crores in the previous sequential quarter.
The company reported the net losses for the discontinued businesses at Rs 165 crore in the July-September quarter of the current fiscal as compared to Rs 233 crores in the trailing quarter.
