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Reliance Capital Q1 profit dips 49 percent

Mumbai, Aug 9 (IANS) 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.

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.

– Indo-Asian News Service

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