India’s Reliance Industries Q3 net profit falls 14% to $884m

20 January 2012 14:13  [Source: ICIS news]

LONDON (ICIS)--Reliance Industries Ltd (RIL) generated a net profit of Indian rupees (Rs) 44.4bn ($884m) in the quarter ending 31 December 2011, down by 14% year on year, the India-based conglomerate said on Friday.

This was as a result of lower earnings from its oil and gas, refining and petrochemical businesses, the company said.

However, sales for the period grew by 40% to Rs874.8bn, compared with the same period the year before, the company added.

RIL’s financial year ends in March.

Compared with the previous quarter, RIL’s net profit fell by 22%, while its sales rose 8%.

For the nine months ended 31 December 2011, RIL’s net profit rose 6.0% to Rs158.0bn, compared with the same period in 2010.

Sales for the nine-month period increased by 37% to Rs2,519.9bn.

($1 = Rs50.24)

By: Franco Capaldo
+44 (0)20 8652 3214

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