July 30, 2018 / 10:38 AM / 8 months ago

India's Idea Cellular posts surprise Q1 profit on tower sale gain

July 30 (Reuters) - India’s Idea Cellular Ltd reported a surprise quarterly profit on Monday, helped by a one-time gain from the sale of its telecom towers.

Net profit came in at 2.57 billion rupees ($37.43 million) for the quarter ended June 30, compared with a net loss of 8.15 billion rupees last year, Idea said in a statement here

Analysts, on average, were expecting a net loss of 13.71 billion rupees, according to estimates by Thomson Reuters I/B/E/S.

Revenue from operations fell about 28 percent to 58.89 billion rupees, with the mobile carrier hit by an aggressive pricing war set in motion by the entry of deep-pocketed rival Reliance Jio.

$1 = 68.6700 Indian rupees Reporting by Chris Thomas in Bengaluru; Editing by Sunil Nair

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