Rel Comm Venture reports net profit of Rs 310cr

Anil Dhirubhai Ambani Group (ADAG) today announced that Reliance Communication Ventures (RCoVL) had recorded a net profit of Rs 310 crore for the quarter ended December 2005.

RCoVL is the holding company of ADAG's communication businesses.

Along with announcing the results, ADAG chairman Anil Ambani also simultaneously began engaging market analysts in lively dicussions in the run up to RCoVL's listing by March 10.

ADAG had yesterday decided to write-off liabilities and bad debt of Rs 4,500 crore in the telecom venture to recast the company's accounts for the period prior to Reliance's demerger.

"The write-offs and provisions have been made for liabilities relating to regulatory and taxation matters, bad debts and irrecoverable amounts, obsolete and slow moving inventories and impairment of assets," a company release had said yesterday.