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RCOM reports net loss of Rs 301.42 billion during the QE September 2019

November 18, 2019
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Reliance Communications (RCOM) has reported a consolidated loss of Rs 301.42 billion for the quarter ended (QE) September 2019. As per the company, the loss is due to provisioning of liabilities owed to the government.

RCOM had made a profit of Rs 11.41 billion during the second quarter of the previous financial year. At present, the company is going through insolvency process.

The telco has set aside Rs 283.14 billion on account of provisioning post the recent verdict by Supreme Court on calculation of adjusted gross revenue (AGR) of telecom companies. This includes Rs 233.27 billion for licence fee and Rs 49.87 billion for spectrum usage charges.

RCOM’s loss is the second largest among operators during the QE September 2019, following the announcement of Vodafone Idea’s loss which stood at Rs 509.21 billion.

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