Bharti Airtel reports worse than expected June-quarter loss
The company's net loss for the three months ended June 30 was 28.66 billion rupees, compared to a profit of 973 million rupees a year ago. Revenue rose 4.7 per cent.
Telecom operator Bharti Airtel Ltd reported a worse-than-expected quarterly loss on Thursday, as the company lost more customers and spent more to upgrade its 4G network during the quarter.
The company's net loss for the three months ended June 30 was 28.66 billion rupees ($415.00 million), compared to a profit of 973 million rupees a year ago. Revenue rose 4.7 per cent.
Analysts, on average, were expecting the company to report a loss of 10.17 billion rupees, according to Refinitiv data.
New Delhi-based Airtel said its monthly churn rate in mobile services business, a measure of the number of customers it lost, grew to 2.6 per cent for the quarter, compared with 2 per cent a year ago.
Government data showed last month Reliance Industries Ltd's telecom unit Jio pipped Airtel to become India's second-largest operator by subscribers as of May.