25 July 2011 14:48 [Source: ICIS news]
LONDON (ICIS)--Reliance Industries’ (RIL) first-quarter petrochemicals earnings before interest and tax (EBIT) rose 7.9% year on year to Indian rupees (Rs) 22.15bn ($499.5m), the oil and petrochemicals major said on Monday.
India-based RIL said its petrochemicals segment’s sales for the three months ended 30 June increased by 32.1% to Rs183.66bn compared with the same period the year before, driven by higher volumes and higher prices.
Increase in volume accounted for 6.5% growth in revenue and higher prices for 25.6%, RIL added.
Production of polymer products increased to 1.1m tonnes/year, an increase of 17% year on year, due to full operations during the quarter, while production of fibre intermediates increased 12% year on year to 1.2m tonnes/year.
However, production volume of polyester products decreased marginally to 411,000 tonnes/year “due to marginal changes in the product mix”, RIL said.
RIL’s net profit for the whole company during the first quarter increased by 16.7% year on year to Rs56.61bn, as the group's turnover grew by 37.2% to Rs836.89bn, it said.
Increase in volume accounted for 4.5% growth in total revenue and higher prices accounted for 32.7% growth in revenue, RIL added.
“Reliance Industries continues to deliver strong financial and operating results,” said Mukesh Ambani, chairman and managing director of RIL. "The growth in earnings was driven by strong refining margins and sustained performance in the petrochemicals business.
“Our cash flows give us the unparalleled opportunity to allocate capital to higher-margin resource plays in leading markets around the world,” he added.
Ambani said the company remains committed to investing in ?xml:namespace>
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