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Net income of Reliance Communications rose more than sixfold

Net income of Reliance Communications rose more than sixfold

Reliance Communications Ltd., India’s third-largest mobile-phone company by market value, reported second-quarter profit that beat analysts’ estimates after income other than from operations almost tripled.

Net income jumped more than sixfold to 6.75 billion rupees ($106 million) in the three months ended September from 1.02 billion rupees a year earlier, the Mumbai-based company said in a statement today. That lagged behind the 1.18 billion-rupee median of 18 analysts’ estimates compiled by Bloomberg.

Shares of Reliance fell 5.2 percent to 129.20 rupees at the close of Mumbai trading, before the earnings announcement. I think tomorrow stocks will rebound.

More info you can read here: http://www.bloomberg.com/news/2013-11-12/reliance-communications-profit-beats-estimates-on-one-time-gain.html