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Reliance Communication Says Profit Falls 37% on Interest Costs

Reliance Communications Ltd., India’s second-largest mobile-phone carrier, said first-quarter profit fell 37 percent, more than analysts expected, because of foreign-exchanges losses and higher interest costs.

Net income declined to 1.57 billion rupees ($34 million) in the three months ended June from 2.5 billion rupees a year earlier, the Mumbai-based company said in a statement to the Bombay Stock Exchange yesterday. Profit compared with the 1.92 billion-rupee median of 18 analysts’ estimates compiled by Bloomberg.