Reliance Communications Profit Drops Less Than Analyst Estimates
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Reliance Communications Ltd., India’s second-largest mobile phone operator by subscribers, posted a 43 percent drop in profit, beating analyst estimates for the first time in three quarters.
Second-quarter net income fell to 2.52 billion rupees ($50 million) in the three months ended Sept. 30, from 4.46 billion rupees a year earlier, Mumbai-based Reliance Communications said in a statement today. Profit exceeded the 1.67 billion-rupee median of 14 analysts’ estimates compiled by Bloomberg.