Reliance Communications’s continued losses are, in part, a result of competition from free voice and cut-price data plans offered by Reliance Jio Infocomm, the telecom start-up backed by Anil Ambani’s elder brother Mukesh. Photo: Hemant Mishra/MintMumbai: Indian telecoms carrier Reliance Communications Ltd (RCom) posted its third straight quarterly loss on Saturday as its heavy debt load and a price war triggered by an upstart rival continued to weigh on sales and profit. On Saturday, it reported a net loss of Rs1,221 crore for its fiscal first quarter ended June, against a profit of Rs54 crore a year earlier. Revenue from operations fell 33.6% year-on-year to Rs3,494 crore, while finance costs rose to Rs998 crore. The company’s continued losses are, in part, a result of competition from free voice and cut-price data plans offered by Reliance Jio Infocomm, the telecom startup backed by Ambani’s elder brother Mukesh.

Source: Mint August 12, 2017 14:37 UTC