Mumbai : Idea Cellular on Monday posted total comprehensive income of Rs 263.6 crore in June quarter on account of one time gain from sale of mobile towers.
The company had posted a loss of Rs 816 crore in the same period a year ago.
The sale of its mobile towers to American Tower Corporation in the reported quarter for Rs 3,364.5 crore, an exceptional item, rescued the company from posting another quarter of loss, it said in a statement.
The company, however, registered a consolidated loss of Rs 2,757.6 crore before tax and exceptional items during the quarter.
Consolidated revenue from services declined by around 28 per cent to Rs 5,866.4 crore from Rs 8,166.5 crore in the year-ago period mainly on account of dip in mobile services business.
The mobile services business plunged around 28 per cent to Rs 5,745.3 crore from Rs 7,972.8 crore during the period.
The highly competitive market has forced smaller rivals to exit and prompted Idea to merge operations with Vodafone’s Indian unit. India’s telecom department has given the deal its nod, Idea said last week.
The merger, which will potentially create India’s biggest telecom operator, is expected to close shortly, it added.
Idea’s larger rival Bharti Airtel posted a surprise profit last week, helped by tax gains, but its bottomline remained under pressure as it tries to keep up with Mukesh Ambani-backed Jio’s cut-price strategy.
