RCOM records steep increase in profit due to one-time gain
Reliance Communications (RCOM) has recorded a steep increase in its profit for the quarter ended September 2018 on account of one-time gain from business structuring and non-provisioning of interest to be paid to lenders. The operator’s consolidated profit stood at Rs 11.41 billion during the quarter ended September 2018 as opposed to a loss of Rs 27.12 billion during the quarter ended September 2017.
Further, RCOM recorded a one-time exceptional gain of Rs 68.76 billion during the quarter ended September 2018 due to de-recognition of assets and liabilities pertaining to its real estate subsidiary Reliance Reality Limited (RRL).
Meanwhile, the consolidated income of the operator declined by about 12 per cent from Rs 11.52 billion during the quarter ended September 2017 to Rs 10.14 billion during the quarter ended September 2018.
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