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RCoVL posts mere Rs 42 cr net profit in April-Dec'05

Written by: Staff
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Mumbai, Mar 2 (UNI) The Anil Ambani-controlled Reliance Communication Ventures Ltd (RCoVL) has posted an overall profit of Rs 42 crore during the first three quarters (April-December) of the present financial year, as against a consolidated net profit of Rs 311 crore in the third quarter alone.

The profits in the first two quarters were not significant on account of the losses suffered earlier this fiscal.

RCoVL is slated for listing on Monday, both on BSE and NSE.

In its information memorandum filed with stock exchanges for listing, RCoVL, the holding company for Anil's telecom business said it holds less than 50 per cent stake in its investments in Reliance Infocomm (RIC), Reliance Telecom (RTL) and Reliance Communication Infrastructure (RCIL).

While there was no need to prepare a consolidated financial statement, the company said it was done so that investors have a composite view of its entire business.

RCoVL had sales turnover of Rs 8,654 crore, reserves of Rs 10,464 crore and net debt of Rs 3,702 crore at the end of December last year.

RIC posted a net profit of Rs 25 crore for April-December'05 as against a loss of Rs 2,343 crore in the entire 2004-05. RIC had a turnover of Rs 6,813 crore, reserves of Rs 7,665 crore and net debt of Rs 1,962 crore at the end of December'05.

RCIL had a net loss of Rs 75 crore in April-December 2005 compared to a net loss of Rs 1,915 crore in entire 2004-05. It had sales income of Rs 1,369 crore, reserves of Rs 2,300 crore and debt of Rs 1,564 crore as on December 31, 2005.

RTL posted a net profit of Rs 92 crore on a turnover of Rs 470 crore during the first three quarters of 2005-06. It has reserves of Rs 92.24 crore and debt of Rs 174 crore.

UNI GC GK AG1838

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