Debt-ridden telecom company Reliance Communications on Saturday reported a fourth straight quarter of loss, as the figure widened further in July-September to Rs 2,709 crore. The company had reported a loss of Rs 1,210 crore in the April-June quarter, and had last reported a profit in July-September 2016 – Rs 62 crore.
The increase in loss was led by a 48% decline in the total income during the quarter to Rs 2,667 crore, and an increase in finance costs – interests paid on loans – which rose to Rs 1,149 crore from Rs 825 crore a year ago.
The Anil Ambani-led company said was undergoing strategic transformation, and the monetisation of several of its assets will help in substantial repayment of debt.
The company will shut down its voice call services from December 1, the Telecom Regulatory Authority of India said last week. Reliance Communications, burdened with a debt of around Rs 46,000 crore, took the decision after its merger deal with Aircel did not materialise in October. Reliance’s subscribers need to port out to other telecom operators by December 31.