Telecom: Reliance unit posts ninth quarterly drop

India’s second biggest mobile operator by subscribers said consolidated net profit fell to INR2.52 billion.

MUMBAI: Debt-laden mobile phone carrier Reliance Communications posted its ninth straight drop in quarterly profit with investors awaiting a deal to sell its tower unit and bring in much needed funds. India’s second biggest mobile operator by subscribers said consolidated net profit after adjustment of share of minority interest and associates fell to INR2.52 billion ($50.4 million) in the second quarter of its fiscal year, ending in September, from INR4.46 billion reported a year earlier. Its net income from operations in the quarter fell to INR47.92 billion from INR50.23 billion.

Published in The Express Tribune, November 13^th, 2011.