Reliance Industries net up 63 percent

Wednesday, 23 April 2008, 00:38 IST
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Mumbai: Reliance Industries, India's largest private company, Monday announced a profit after tax of 194.58 billion ($4.86 billion) for the year ended March 31, 2008, up 62.9 percent over 119.430 billion ($2.98 billion) for the previous year. For the fourth quarter ended March 31, its net income beat market expectations and rose 24 percent to 39.1 billion, the energy and petrochemicals major informed the Bombay Stock Exchange (BSE). The company's board, which met here to consider the audited results, recommended a dividend of 13.00 for each fully paid-up equity share of 10 each. "This was a landmark year for Reliance as we delivered record financial and operating performance in challenging and volatile market conditions," Reliance chairman Mukesh Ambani said in a statement. "Our key investments in oil and gas development and refining are expected to commission this year. I expect them to be key driver to deliver earnings growth in the near future.?
Source: IANS