Reliance Industries Q1 net profit declines 21 percent

July 20th, 2012 - 9:47 pm ICT by IANS  

Mumbai, July 20 (IANS) Reliance Industries (RIL) Friday posted a 21 percent decline in net profit at Rs.4,473 crore for the quarter ended June 30 against Rs.5,661 crore during the like period of the previous financial year due to falling gas output its KG-D6 gas field.

Total income stood at Rs.93,779 crore during the quarter under review as compared to Rs.82,096 crore during the year-ago period, the company said in a regulatory filing.

Turnover increased 8.1 percent to Rs.94,926 crore as compared to the fourth quarter (Q4) of FY12. Exports rose by 7.7 percent to Rs.55,261 crore as compared to Q4 FY12.

“RIL has improved its earnings profile as profits from operations were higher on a sequential basis on the back of volume growth in the refining business,” Mukesh D. Ambani, chairman and managing director, Reliance Industries said.

“We have commenced our next phase of capital investments in the refining and petrochemical segments to enhance earnings and value of our core energy businesses,” he added.

The company had cash balance worth Rs.70,732 crore ($12.7 billion) at the end of the June quarter, up from Rs.70,252 crore at the end of March.

The revenue from petrochemicals stood at Rs.21,839 crore, while the refining revenues stood at Rs.85,383 crore.

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