Profits at India’s Reliance Communications up 46.8 percent

MUMBAI, April 30, 2008 (AFP) – India’s second-biggest telecoms firm Reliance Communications reported Wednesday its fourth quarter net profit rose 46.8 percent on revenue growth across its businesses. The company showed a net profit of 15.03 billion rupees (374 million dollars) for the three months ended March 31, up from 10.24 billion rupees a year earlier.

Revenues grew 34.9 percent to 53.11 billion rupees for the quarter, Reliance Communications said in a statement to the Mumbai stock exchange.

It added 4.8 million mobile users between January and March, taking its total number of subscribers to 45.8 million.

For the full year, Reliance Communications’ net profit rose 70.8 percent to 54.01 billion rupees (1.35 billion dollars) on revenues of 190 billion rupees.

Reliance Communication shares closed up 5.05 rupees or 0.88 percent to 579.75 at the Mumbai stock exchange.

“We see a challenging environment ahead but expect to sustain our growth momentum in coming years,” chairman Anil Ambani told a press conference.

“Our wireless, enterprise and direct-to-home businesses will remain the key growth drivers in the next two years,” Ambani said.

Reliance Communications ha