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RCom Release Q1 Earnings Report

India's Reliance Communications has released its first quarterly earnings report for the year which shows that while in profit, the group has sustained another quarterly stand alone loss. Profits rose to INR 1.62 billion, underperforming predictions by Bloomberg analysis of INR 1.84 billion.

RCom's performance is indicative of wider trends in the territory's mobile telecoms sector with a prodigious amount of operators competing for customers. Its larger competitor, Bharti Airtel, blamed similar conditions in its own report last week. Financing costs also rose for RCom.

Despite some moderately discouraging numbers, management are optimistic. RCom President and CEO Gurdeep Singh told Press Trust of India: "We want to express that we have been successful in achieving revenue per minute stability now consecutively for 9 quarters, in spite of intense competition and over supply of minutes in the industry."

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