InfoAnda - India's Reliance Industries Q1 net profit down 11.6%

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India's Reliance Industries Q1 net profit down 11.6% AFP - Saturday, July 25 MUMBAI (AFP) - - India's largest private sector firm Reliance Industries reported Friday that first-quarter net profit fell 11.6 percent as refining margins halved. ADVERTISEMENT The oil and petrochemical giant said net profit slipped to 36.3 billion rupees (75 million dollars) in the three months to June 30 from 41.1 billion rupees in the same period a year earlier. Sales slid 23 percent to 320.5 billion rupees. The results were below market expectations. Analysts had forecast Reliance would report a profit of close to 39 billion rupees. Reliance's gross refining margins halved to 7.5 dollars a barrel for the June quarter from 15.7 dollars a year earlier while refining and marketing revenues fell by 22.7 percent to 251 billion rupees (5.22 billion dollars). During the quarter, Reliance began gas production from the Krishna Godavari (KG) D6 block. KG D6 is amongst the five largest deep water gas projects in the world. "Timely completion with safe and stable start up of the new SEZ refinery and the deep-water, oil and gas KG D6 block are noteworthy accomplishments (in the quarter)," said Reliance Industries chairman Mukesh Ambani in a statement. "These projects will help change the energy landscape of India and the industry globally," he said. Reliance has the largest private sector exploration acreage in India. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Developers Diversified sees TALF deal in the fallReuters - Saturday, July 25 Kuwait's Kamco denies gained from Harman tradeReuters - Saturday, July 25 US STOCKS-Dow, S&P 500 rise on drug, energy sharesReuters - Saturday, July 25 ADR Report-Foreign shares slip on weak earningsReuters - Saturday, July 25 GLOBAL MARKETS-Wall St slips on weak results, oil gains anewReuters - Saturday, July 25 Enlarge Photo India's Reliance Industries Q1 net profit down 11.6% Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Police raid Jackson doctor for manslaughter link Lost love letter reunites couple after 16 years Massive quake moves NZealand closer to Australia Schwarzenegger defends knife-wielding Twitter video Mouse named Tiny may be big step forward in transplant quest View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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