India’s Reliance Industries reports full-year net profit down 22%

23 April 2009 14:17  [Source: ICIS news]

NEW DELHI (ICIS news)--India’s Reliance Industries Limited (RIL) has reported a 21.5% year-on-year decline in its full-year net profit to Indian rupees (Rs) 152.8bn ($3.0bn) from Rs194.6bn, the company said on Thursday.

RIL’s petrochemicals and refining operations both saw profitability drop in the year ended 31 March, the company said. An exceptional charge of Rs3.7bn as provision “towards estimated claims on its subsidiaries” also dented profit. RIL did not elaborate on this provision.

A more than two-fold growth in investment-related income and a 48.1% increase in the operating profit of its oil and gas business slowed the decline, RIL said.

Gross sales rose by 8.3% to Rs1,507.71bn from Rs1,392.69bn. Operating profit rose by 5.1% to Rs254.28bn from Rs242.01bn.

($1 = Rs50.37)

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By: Naresh Minocha
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