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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World India Reliance Industries quarterly profit jumps 28 percent AFP - Sunday, October 31 Send IM Story Print India Reliance Industries quarterly profit jumps 28 percent Slideshow: Full Photo Coverage: Business & Economy NEW DELHI (AFP) - – India's largest private sector firm Reliance Industries reported a 28 percent rise in quarterly net profit Saturday, boosted by earnings from refining crude and higher gas output. The oil and petrochemical giant said net profit for the three months to September climbed to 49.23 billion rupees (1.03 billion dollars) from 38.52 billion rupees in the same period last year. The figure, which was broadly in line with analysts' estimates, was the highest ever posted by Reliance during a three-month period. "Improved refining margins and high operating rates at all our manufacturing facilities led to a record quarter," said chairman Mukesh Ambani, India's richest man and the world's fourth wealthiest, according to Forbes magazine. The conglomerate said sales rose 23 percent to 574.79 billion rupees (13.5 billion dollars) The company, whose core businesses are petrochemicals and oil and gas, has recently been eyeing expansion in fast-expanding sectors like India's mushrooming telecommunications sector and retail. "We are focused on identifying opportunities that leverage India's unique demographic and market potential," Ambani said. The company said gross refining margins -- earnings from converting a barrel of crude oil into fuel -- jumped to 7.90 dollars a barrel during the quarter from six dollars a year earlier. Reliance said revenue from its oil and gas business leapt 47 percent to 43 billion rupees thanks to higher output from the Krishna Godavari basin off India's east coast. This offset lower production from the Panna-Mukta and Tapti fields off the west coast. Recommend Send IM Story Print Related Articles Kuwait's Global Q3 loss more than doubles Reuters - 40 minutes ago Vietnam and Japan to mine rare earths together Reuters - 49 minutes ago US-BUSINESS Summary Reuters - 50 minutes ago Vietnam, Russia ink deal on first nuclear plant: AFP AFP - 1 hour 33 minutes ago Vietnam to help Japan on rare earths: joint statement AFP - 1 hour 38 minutes ago News Search Top Stories Australia, Singapore PMs discuss bourses merger Demonstrators flock to Washington for comics' 'Sanity' rally DHL tightens checks on freight traffic from Yemen: ministry Shuttle Discovery launch delayed to Wednesday: NASA Miss US crowned Miss World 2010 More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Indonesia volcano erupts again Miss US crowned Miss World 2010 US-bound parcels contained explosives: Dubai, London Demonstrators flock to Washington for comics' 'Sanity' rally Maradona eyes UK Premier League coaching role More Most Viewed » Time, like all good things, may come to an end: study Spectacular unknown species found in Amazon Iranian chocolate thief 'to have hand chopped off' Ancient galaxy is more than 13 billion light years away Moon's 'treasure chest' includes silver More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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