Reliance Communications (RCom) recorded revenues of Rs 5,283.67 crore for the quarter ended December 31,2009 as compared to revenues of Rs 5,671.82 crore posted last year during the corresponding quarter.

Net profit declined by 19.34 % to Rs 1,164.82 crore while a year ago it was Rs 1,444.17 crore.

"As an integrated and converged telecommunications service provider, we are better placed to withstand the present highly competitive environment," said RCom Chairman Anil Ambani. "Despite the sharp fall in tariffs, we have demonstrated stability in wireless revenues and margins and are confident to emerge even stronger in the future," he added.

Operating income dropped from Rs 5,671.82 crore to Rs 5,283.67 crore on a yoy comparison.

The company said that it decided not to recognise any marked-to-market gains in respect of any outstanding derivative contracts related to loans, liabilities and assets expressed in foreign currency. RCom, however provided for marked-to-market losses in respect of derivative contracts, as required by the Institute of Chartered Accountants of India. "The company has not recognised a gain of Rs 19,524 lakh on mark-to-market valuation of derivative contracts outstanding as at the end of the quarter,” said a company statement. "If the company had not made this change in the policy, net profit would have been higher by the amount of Rs 19,524 lakh for the quarter," it added.