Reliance Q2 operating profit jumps 29.7%

18 October 2007 14:06  [Source: ICIS news]

MUMBAI (ICIS news)--Reliance Industries Limited (RIL) posted a 29.7% year-on-year rise in operating profit for the second quarter ended 30 September to Indian rupees (Rs) 59.5bn ($1.5bn) on Thursday.

The Indian petrochemical major’s net sales increased 12.5% to Rs320bn, while net profit jumped 41.6% to Rs38.4bn.

RIL’s quarter-on-quarter operating profit rose 12.6%, while net sales were 12.6% higher. The company’s net profit for the period increased 17.6%.

RIL chairman Mukesh Ambani had recently said that the company’s subsidiary Reliance Petroleum, which is implementing its refinery complex at Jamnagar in Gujarat state, has achieved more than 70% overall progress in the implementation of the project and is ahead of schedule.

Reliance’s stock closed down 4.25% at Rs2,575.90 on the Bombay Stock Exchange.

($1 = Rs39.59)

By: Divya Chowdhury
+65 6780 4359

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