Reliance Capital Q1 profit dips 49 percent

By IANS,

Mumbai: Anil Ambani-led Reliance Capital said Monday its first quarter profit dipped 49 percent mainly because of Rs.39 crore loss in its insurance business and lower capital gains.


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The company’s consolidated net profit for the quarter ended June 2010 was Rs.77.7 crore as against Rs.151 crore recorded during the same period last year, Reliance Capital said in a statement.

General insurance loss was at Rs.38.6 crore as against profit of Rs.one crore.

The company’s total income during the reporting period declined 14 percent to Rs 1,469.3 crore.

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