reliance profits slump 23 after jio launch
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Reliance profits slump 23% after Jio launch

Arab Today, arab today

Arab Today, arab today Reliance profits slump 23% after Jio launch

Laborers work behind an advertisement of Reliance Industries at a construction site in Mumbai
Mumbai - Arab Today

Indian conglomerate Reliance Industries reported a 23 percent fall in quarterly net profits in its first earnings report since launching 4G mobile services with great fanfare last month.
The Mumbai-based firm said consolidated net profit for the three months through September fell to 72.06 billion rupees ($1.08 billion) from 93.45 billion rupees a year earlier, a decline of 22.9 percent.
The company, owned by India’s richest man Mukesh Ambani, said the fall was led by lower refining margins in its key oil business but comes after it launched its long-awaited Reliance Jio 4G network in September.
The oil-to-telecommunications company announced the start of the service, which had been delayed for almost two years, by offering a free service for the rest of 2016 and free voice calls for life.
It has poured more than $15 billion into the telecom venture on wireless spectrum and infrastructure with experts believing it will be a game changer for the group as it tries to diversify its business.
Reliance derives most of its earnings from its massive energy operations but is trying to rely less on oil refining margins for its profits. As well as its telecoms business it now also owns a supermarket chain.
Reliance said it had picked up a “world record” 16 million Jio subscribers in its first month of operations.
“We are delighted and humbled by the enthusiastic adoption of Jio by India. Jio is built to empower every Indian with the power of data,” the company said in its statement.
Reliance wants the Jio network to cover 90 percent of India’s 1.25 billion population by March 2017 but faces stiff competition from rivals, including Bharti Airtel, in a highly competitive telecommunications sector.
The company said the profit earned from each barrel of crude, or gross refining margin, was $10.1 in the just concluded quarter, down from $10.60 a year earlier.
Refining margins are a key profitability gauge for Reliance, one of the world’s largest refiner.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

reliance profits slump 23 after jio launch reliance profits slump 23 after jio launch

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

reliance profits slump 23 after jio launch reliance profits slump 23 after jio launch

 



GMT 04:22 2017 Tuesday ,26 December

Israel in touch with '10 countries' over embassy moves

GMT 19:43 2017 Friday ,06 October

Employee safety top priority at Khalifa Port

GMT 16:19 2017 Friday ,28 April

ISIS Suspect Arrested in Western Germany

GMT 12:57 2017 Monday ,11 December

50 Students Poisoned by Contaminated Well Water

GMT 16:31 2017 Thursday ,10 August

Palestinians will discuss decline of aids

GMT 21:15 2017 Saturday ,04 March

Obama never ordered surveillance on any US citizen

GMT 10:00 2017 Thursday ,09 March

Russia ‘can be good friends with GCC’

GMT 02:13 2017 Wednesday ,22 February

Russian helicopter crash kills 19 in Siberia

GMT 13:23 2017 Tuesday ,05 December

Lebanon PM Hariri rescinds resignation

GMT 00:39 2017 Tuesday ,05 December

Gunmen kill cleric in Aden, southern Yemen

GMT 11:43 2016 Thursday ,24 November

Will learn from Euro exit

GMT 06:56 2017 Tuesday ,17 October

US ‘not taking sides’ between Iraqi forces, Kurds

GMT 19:59 2017 Thursday ,16 February

Syrian opposition's chief negotiator arrives in Astana
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday