Reliance Communications FY profits down sharply

Reliance Communications FY profits down sharply: "(Telecompaper) Indian operator Reliance Communications reported revenues of INR 78.76 billion for its fiscal fourth quarter to 31 March, up 57.4 percent from the previous quarter. EBITDA was INR 41.2 billion, versus INR 16.2 billion in the three months to December, while net profit fell 64.9 percent to INR 1.69 billion. For the full year, revenues rose 4.4 percent to INR 231.1 billion, while net profit fell to INR 13.5 billion from INR 46.5 billion a year ago, due to an increase in depreciation, amortisation and financing charges. The main increase in annual and quarterly revenues came from the Global division. Results at its core mobile activities were lower, with annual revenues falling to INR 165.7 billion from INR 166.4 billion a year ago and operating profit down at INR 27.0 billion from INR 37.5 billion. In the fourth quarter, mobile revenues improved 3.3 percent quarter-on-quarter to INR 42 billion, but EBITDA fell 2.6 percent to INR 11.5 billion. RCom said it finished the year with a total 135.7 million mobile customers, up by a third from March 2010, but ARPU fell steadily over the year, to INR 107 in the fourth quarter from INR 130 in Q1. Total capex for the year was INR 903.3 billion, with only INR 6.6 billion spent in the last three months. The company said it has launched 3G coverage in all regions where it has licences, covering 330 towns, and hopes to have a roaming agreement in place by the end of 2011 for nationwide service. Its Netconnect Broadband+ service based on CDMA served over 500 towns at the end of the fiscal year, and will soon launch in 400 more cities. Enterprise broadband services, available in 44 cities using mainly metro Ethernet fibre, had 1.514 million customers at year-end, after net additions of 26,000 in the year. The digital TV service had 3.5 million subscribers at the end of March, good for an estimated 11 percent share of the DTH market."

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