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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's Reliance Industries profit rises 28% AFP - Saturday, January 22 Send IM Story Print India's Reliance Industries profit rises 28% Slideshow: Full Photo Coverage: Business & Economy MUMBAI (AFP) - – Energy giant Reliance Industries, India's largest private company, said Friday quarterly net profit jumped 28 percent, lagging forecasts, even as its refining business improved on firm crude prices. Mumbai-based Reliance reported net profit rose to 51.36 billion rupees ($1.14 billion) in the fiscal third quarter to December from 40.08 billion rupees a year earlier. Total income edged up five percent to 597.89 billion rupees, the company said in a statement. Analysts had expected Reliance to report a profit of 53 billion rupees. Reliance shares rose 1.73 percent to 986.5 rupees on the Mumbai stock exchange ahead of the earnings data. "We had a record quarter as refining and petrochemical margins continued to improve, led by robust demand in local markets," Mukesh Ambani, chairman of Reliance Industries said in a statement. Ambani, ranked as the world's fourth richest man by Forbes magazine last year, with a fortune of $29 billion, has announced "mega-expansion" plans into telecom and banking -- high-growth areas in India. He has already moved into mobile broadband with Infotel Broadband, the sole company to win a nationwide licence in last year's auction of broadband wireless spectrum. Reliance plans to expand its shale gas business with investments of between $4 billion to $4.5 billion by 2014 on three shale gas joint ventures with US companies, which were announced last year. Reliance said its gross refining margin was $9 per barrel, compared to $5.9 in the corresponding period a year earlier. Reliance operates the worlds largest oil-processing complex in Jamnagar, western India, where two adjacent refineries have a combined capacity to process 1.24 million barrels of oil a day. Gas production from the KG D6 field off the eastern Indian coast for the nine months to December was 6.43 million barrels of crude, a growth of 139 percent, from a year earlier. "Earnings were marginally below expectations on the profit and revenue front," said Sonam Udasi, head of research at IDBI Capital. In polyester, demand rose 10 percent in the quarter, on firm cotton prices and the lack of new capacities globally, the company statement said. Exports of refined products grew 40 percent to 20.1 billion dollars in the quarter from a year earlier. Reliance added it was still expanding its retail operations and that the company now has more than 1,000 stores in over 85 cities across India. Recommend Send IM Story Print Related Articles MOVES-Citi, Renaissance Capital, Deloitte, Lazard Reuters - 37 minutes ago US-BUSINESS Summary Reuters - 52 minutes ago GE lifts Dow, S&P 500; Nasdaq dips on Google Reuters - 52 minutes ago US STOCKS-GE lifts Dow, S&P 500; Nasdaq dips on Google Reuters - 53 minutes ago Nigeria's debut Eurobond heavily oversubscribed Reuters - 56 minutes ago News Search Top Stories Obama vows to shift economy into overdrive Haiti to probe Duvalier excesses: rights group BA-Iberia hit turbulence as merger takes off US expert panel gives nod to Alzheimer's scan Bank of America posts heavy losses More Top Stories » ADVERTISEMENT Most Popular Most Viewed Migraines don't damage brain: study Bedbugs resistant to pesticide, study finds Boeing to cut 1,100 jobs in C-17 program Toshiba to build 'huge solar plant' in Bulgaria Bank of America posts heavy losses More Most Viewed » 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 © 2011 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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