Reliance Communications Ltd. on Saturday said its fiscal first-quarter net income rose 3.2% from a year earlier despite having to pay more to service its debt, belying analysts' expectations of a profit drop.
Net profit for quarter ended June rose to 1.62 billion rupees ($29.3 million) from 1.57 billion rupees, while sales grew 7.7% to 53.19 billion rupees from 49.40 billion rupees, India's second-largest mobile-phone operator by customers said in a statement.
The earnings were higher than the 1.49 billion rupees estimated on average by 12 analysts polled by Dow Jones Newswires.
Reliance Communications' better-than-expected performance is in contrast to peers Bharti Airtel Ltd. (532454.BY) and Idea Cellular Ltd. (532822.BY), which have both missed analysts' earnings estimates for the April-June quarter.
Read more: http://www.foxbusiness.com/news/2012/08/11/reliance-communications-first-quarter-profit-rises-32-to-inr162-billion/#ixzz23M43XY4E
Net profit for quarter ended June rose to 1.62 billion rupees ($29.3 million) from 1.57 billion rupees, while sales grew 7.7% to 53.19 billion rupees from 49.40 billion rupees, India's second-largest mobile-phone operator by customers said in a statement.
The earnings were higher than the 1.49 billion rupees estimated on average by 12 analysts polled by Dow Jones Newswires.
Reliance Communications' better-than-expected performance is in contrast to peers Bharti Airtel Ltd. (532454.BY) and Idea Cellular Ltd. (532822.BY), which have both missed analysts' earnings estimates for the April-June quarter.
Read more: http://www.foxbusiness.com/news/2012/08/11/reliance-communications-first-quarter-profit-rises-32-to-inr162-billion/#ixzz23M43XY4E