29 October 2009 14:08 [Source: ICIS news]
LONDON (ICIS news)--Reliance Industries' (RIL's) petrochemical segment posted a 16% rise in fiscal second-quarter operating profit to rupees (Rs) 22.95bn ($466m, €317m) on better margins and stronger demand, the Indian oil, gas and petrochemical company said on Thursday.
The division's sales for the three months ending 30 September were up 14% to Rs133.40bn, Reliance added in a statement.
“During the period, domestic demand for most of the petrochemical products remained strong, with polymers demand higher by 25%, polyester by 15% and fibre intermediates by 7%,” RIL said.
“There was substantial improvement in overall petrochemical margins as the industry was operating on [a] low level of inventory leading to higher domestic realisation,” it added.
However, the group’s second-quarter net profit fell by 6.4% to Rs38.52bn year on year, despite revenue rising 6.1% to Rs488.43bn.
Figures released by RIL show the quarter was affected by a larger provision for tax than the same three-month period last year.
RIL’s profit before depreciation, interest and tax was up 18.3% to Rs78.45bn.
($1 = Rs47.18, €1 = Rs69.45)
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