Wednesday, March 5, 2008

Spice Communications net grows 16 times

Spice Communications - one of leading GSM mobile operators - has registered a 240% growth in its gross revenue at Rs 725.34 crore (after income from extraordinary items) for the October-December quarter in 2007.

Company’s net profit has increased over 16 times at Rs 399.91 crore during October-December quarter as compared with a net loss of Rs 13.88 crore in the same period a year ago. The annual net profit for 2007 is Rs 380.13 crore as against a net loss of Rs 24.50 crore in 2006.

The company, which has applied for a pan India licence for 20 circles, reported a revenue of Rs 1,473.88 crore for January-December 2007.

“Spice Communications has witnessed phenomenal sales growth and a strong profitability position growing from strength to strength. This will have a significant influence on our future productivity and financial performance,” said Dilip Modi, managing director of Spice Communications.

“The company will continue to scale up performance, revenue base, profitability while increasing market share through aggressive marketing and deistribution coverage. with the expansion plans of four new circles on the anvil, we are poised to become a major player in the new mobile telephony scenario,” he added.

The company has secured licences for four potential circles of Delhi, Maharashtra, Haryana and Andhra Pradesh. It has also improved its network coverage significantly adding nearly 700 towns to its existing network-base across both circles. Company’s current networth stands at Rs 857.13 crore.

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