Tuesday, July 27, 2010

Reliance Industries Q1 net up 32 pct, refinement limitations climb

India's biggest scheduled multinational, proscribed by billionaire Mukesh Ambani and with welfare in petrochemicals, refining, oil and gas exploration, trade, said it saying enhanced margins across all its businesses in the June quarter.

Reliance, which has been looking to manufacture its business away from the domestic energy sector, freshly made a dramatic come back to India's telecoms arena and has announce plan to cross the threshold the country's power sector.

Reliance post April-June net income of 48.51 rupees versus 36.66 billion rupees a year earlier. A Reuters poll had predict quarterly net income of 48.3 billion rupees. Gross refining margins at Reliance's flagship refining business showed signs of recovery and stood at $7.3 per barrel for the June quarter, but was still lower than market forecasts for $7.7 a barrel.

The margins stood at $6.8 a tub in the year-earlier quarter. Reliance GRMs had dropped 24 percent in the March quarter, and had nearly halved in the December quarter. Shares in Reliance, valued at around $74 billion, have fallen 3.4 percent in 2010, while the Mumbai market has gained 3.5 percent.

Ahead of the earnings declaration, shares in Reliance ended up 0.1 percent at 1,053.50 rupees in the main market that rose 0.3 percent.

Reliance Industries post a 32 percent rise in economic first-quarter profit, slightly better than predictable, helped by higher gas output from its fields off India's east coast and enhanced refining margins.

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