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Reliance Comm Q2 net down more than half

This article was posted on Nov 3, 2009 and is filed under Market News

The Mumbai-based firm, which trails market leader Bharti Airtel, said net profit fell 51.7 percent to 7.40 billion rupees ($158 million) for its fiscal second-quarter ended in September, from 15.31 billion a year earlier.

The company had to provide for foreign exchange losses of 2.83 billion rupees for the quarter, excluding which net profit would have been 10.23 billion rupees, it said in its earnings statement issued late on Saturday.

Reliance Communications said it “fully recovered” the forex losses in October, due to subsequent favourable exchange rate movements.

Larger rival Bharti Airtel on Friday reported its slowest pace of profit growth in at least six years and gave a downbeat outlook due to the price war.

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