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techkenyot.com October 17, 2018


RCom's loss, payment woes trip shares to record low

14 November 2017, 08:57 | Edward Lowe

RCom's loss, payment woes trip shares to record low

Reliance Communications records Q2 loss at Rs 2,709 cr income declined by 48

Reliance Capital on Tuesday said it closed the second quarter of the current financial year with 39 per cent growth in its consolidated net profit. The company's sales rose 19% to Rs 372 crore in the quarter ended September 2017 as against Rs 313 crore during the previous quarter ended September 2016.

The billionaire Anil Ambani-controlled telecom operator on Saturday said its net loss widened to 27.09 billion rupees ($414.95 million), compared with a profit of 620 million rupees a year ago.

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The company said it received a tremendous response from investors in listing of Reliance Nippon Life Asset Management and Reliance General Insurance is on track to be listed by March 2018. Its consolidated revenue for the quarter came in at Rs 2,615 crore, registering 53.3% decline as compared to corresponding quarter in previous year.

The profit before tax of the mutual fund business grew 20% to Rs 177 crore for the quarter. The gross written premium was Rs. 1,688 crore an increase of 16% over the same period past year.

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Reliance Home Finance earned a total income of Rs 407 crore for the quarter ended September 30, 2017.

The commercial finance business reported an increase of 7% in the net profit to Rs 92 crore during the quarter.

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It is positive, as 21 investors sold AERI shares while 48 reduced holdings. 33 funds opened positions while 48 raised stakes. Foresite Capital Management II - LLC sold $1.12 million worth of Aerie Pharmaceuticals Inc (NASDAQ:AERI) on Friday, May 26.

Reliance Communications Ltd's (RLCM.NS) shares plummeted on Monday, after the company posted a fourth straight quarterly loss as it struggles with a heavy debt load and a price war started by an upstart rival that has eaten into margins.



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