India's Reliance's Q4 profit hikes 98%

(MENAFN) India's Reliance Communications announced that consolidated net profit during the fourth quarter soared around 98 percent from 2011's USD29 million to USD60 million, reported Reuters. The country's second-largest mobile phone company by subscribers numbers said that during the January-March period, revenue dropped around a third from last year's same period, reaching USD944 million. The firm, which had 153 million mobile subscribers at the end of March, added that depreciation and amortization plunged by nearly 73 percent to USD172 million, whereas interest costs grew to USD102 million. It is worth noting that debts of the Mumbai-based firm, which is controlled by billionaire Anil Ambani, stood at USD6.9 billion as of December.