Wednesday, April 30, 2008

Reliance Communications net up 70 percent

Anil Ambani-led Reliance Communications has posted a 70.8 percent rise in net profits for the year ended March 31, to log Rs.54.01 billion ($1.35 billion), against Rs.31.64 billion ($717 million) for the year before.

In filing with stock exchanges, Reliance Communications - India's largest mobile phone company in CDMA segment - said its revenues grew 31.8 percent to Rs.190.68 billion ($4.77 billion), against Rs.144.68 billion ($3.28 billion) for 2006-07.

The company's board has recommended a dividend of 15 percent to its two million shareholders.

"Reliance Communications had a record year and we are confident of improved performance in the future," chairman Anil Ambani said here Wednesday, speaking about the annual audited results.

With a pan-India presence, the company has more than 48 million customers today, in some 15,000 towns and 400,000 villages. The net worth of its shareholders now stands at $6.4 billion, ranking it among India's top three companies.

Indo-Asian News Service

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