Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Anil Ambani-led Reliance Infrastructure and Reliance Power reported weak fourth quarter results today. While Reliance Infrastructure which has metro lines, cement plants and roads under it reported a 14% dip in net profit in Q4 FY 2014 in comparison to same period last fiscal, Reliance Power reported a near flat net profit.
RInfra’s net profit fell to Rs 621.42 crore as against Rs 721.44 crore in fourth quarter of last year due to lower revenue. Its revenue declined to Rs 4707.69 crore in Q4 2014 as against Rs 6187.35 crore due to lower income from from EPC business.
Reliance Power posted a net profit of Rs 268 crore in fourth quarter FY 2014 as against Rs 266 crore in same period last year despite an increase in revenue. Income rose to Rs 1399 crore in Q4 2014 as against Rs 1264 crore in same period last year.
RInfra’s CEO Lalit Jalan said income from EPC business shrunk because the existing projects were complete and there were no new additional works. A majority of its EPC works have been secured from group company Reliance Power and now RInfra is looking for EPC projects in road and power both India and abroad from other companies. In the fourth quarter of the last fiscal the company had received a tax credit of about Rs 211 crore and excluding the one time gain RInfra actually posted a profit in the current quarter. Original post at Business Standard