RCom rises on more than double Q4 net

Reliance Communications (RCom) is trading higher by 4.5% at Rs 68.55 in opening trades after reporting more than double consolidated net profit at Rs 332 crore for the fourth quarter ended March 2012, due to lower cost. India’s second-biggest mobile phone carrier by subscribers had a net profit of Rs 168 crore in previous year quarter.

Total income from operations however, dropped 33% at Rs 5,010 crore on year-on-year basis.  Total expenditure declined 36% to Rs 4,648 crore from Rs 7,299 crore during the recently concluded quarter.

Meanwhile, the board of directors of the company announced dividend of 5% or Rs 0.25 per equity share of Rs 5 each.

A combined around one million shares have changed hands on the counter in opening deals on both the exchanges.