Reliance Comm posts Rs 310 cr net in Q3

Reliance Communications Ventures Ltd, the holding company of the telecom business of the Reliance-Anil Dhirubhai Ambani Group (R-ADAG), today announced that it had posted a net profit of Rs 310 crore on a consolidated basis in the quarter ended December 31, 2005.

The company incurred a net loss of Rs 250 crore in the quarter ended June 2005 and Rs 18 crore in the quarter ended September 2005. Reliance Communications Ventures was expected to be listed in the week beginning March 6.

There were no comparable figures as the company was not in existence in the last financial year. A company press release compares the third quarter figures with the performance in the first quarter, which was the period prior to the announcement of restructuring and demerger of the Reliance group.

Analysts said the announcement of the financial numbers was aimed at giving a facelift to the telecom holding company ahead of its listing and the group said the disclosure was voluntarily made to "uphold the highest standards of transparency and corporate governance".

The consolidated results include the financial performance of all telecom companies of R-ADAG, namely Reliance Infocomm, Reliance Communications Infrastructure, Flag Telecom and Reliance Telecom.

Bharti Tele-Ventures had posted a consolidated net profit of Rs 543.53 crore in the third quarter ended December 31, 2005.