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RCOM posts Rs 198.27 billion loss in QE March ’18; plans sale of real estate assets to Brookfield

May 31, 2018

Reliance Communications (RCOM) has posted a loss of Rs 198.27 billion during the quarter ended March 2018, up from Rs 111.2 billion during the same period in 2017. This can be mainly attributed to a one-time charge that had to be factored in due to the closure of its wireless assets.

The provision for impairment of assets by the operator in the quarter stood at Rs 212.55 billion. The company shut its wireless business by end 2017 amidst a price war in the industry.

RCOM’s revenue for the quarter stood at Rs 9.76 billion, a drop of 39.9 per cent compared on a like to like basis. For 2017-18, RCOM’s total loss stood at Rs 239.50 billion compared with Rs 13 billion in 2016-17. Revenue stood at Rs 46.84 billion compared to Rs 66.37 billion in 2016-17. In its segment wise performance, RCOM's global operations made a profit of Rs 70 million, down from Rs 200 million in the previous quarter.

The operator is looking to complete the sale of most its wireless assets to Reliance Jio Infocomm Limited (RJIL) and the sale of its real estate assets in New Delhi and Chennai to Brookfield for a total of Rs 181 billion. Of the total, asset management company Brookfield will buy RCOM’s real estate assets for Rs 8 billion.

 
 

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