Reliance Communications Q2 net dives 77% to Rs 153 cr

Sales declined 3% to Rs 5,090 cr

Reliance Communications Ltd, India's fourth-biggest mobile carrier, posted a 77% drop in second-quarter net profit, partly hurt by fewer customers joining its network as compared to rivals.

Reliance Communications, controlled by billionaire Anil Ambani, said consolidated net profit for the quarter ended Sept. 30 was Rs 153 crore ($24.8 million), compared with Rs 675 crore a year earlier.

Sales came in at Rs 5,090 crore, compared with Rs 5,266 crore a year earlier, a decline of 3.3%.

($1 = 61.7250 rupee)