Reliance posts 7.4 rise in profitsOctober 23rd, 2008 - 10:44 pm ICT by IANS
New Delhi, Oct 23 (IANS) Riding on high prices of petroleum products, Reliance Industries Ltd (RIL) has reported a 7.4 percent increase in net profit for the second quarter of this fiscal over the year-ago period. In a regulatory statement, RIL said net profit rose from Rs.38.37 billion to Rs.41.22 billion in the July-September quarter this year.
The gross refining margin remained above $13 a barrel at $13.4, beating market expectations.
The net sales reported an increase of 38 percent to Rs.461.13 billion, while net turnover improved 39.7 percent to Rs.447.87 billion.
Similarly, revenues rose 39.5 percent to Rs.449.3 billion.