RIL Q1 net rises by 61%

RIL Q1 net rises by 61%

By agencies   |   Thursday, 28 July 2005, 07:00 Hrs
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MUMBAI: Reliance Industries announced a 60.7 percent rise in its net profit at $ 525 million for the quarter ended June 30, 2005, up from $326.6 million in the corresponding quarter of the previous year.

Its total income has increased 23 percent to $4.08 billion for the year quarter from $3.32 billion in the year-ago period.

The country's largest private sector company has posted a 19 percent growth in operating profit at $854.5 million as against $716.4 million in the last comparable period.

Its cash profit went up 28 percent to $744.8 million from $ 580.2 million and earnings per share (EPS) for the quarter increased from Rs 10.30 to Rs 16.60. Share prices of Reliance Industries rose 1.06 percent today to close at Rs 698.40 against yesterday's closing of Rs 691.05 on the Bombay Stock Exchange.

The company stated that total income rose due to a combination of increase in selling price as well as volume. Selling prices and volume grew by 21 percent and 5 percent respectively, in the quarter ended June 05 compared with the previous corresponding period.

Its other income decreased to $44.1 million, from $ 78.9 million on account of exercising the option to convert preference shares of Reliance Infocomm with effect from April 1, 2005. This was partially offset by higher interest income from liquid investments and fixed deposits, the release added.

Depreciation was at $179 million from $208 million due to selling of assets.

The release said the production of oil and gas, and petrochemicals, including toll conversion were 3.18 million tonnes as against 3.19 million tonne. The company's refinery operated at 96 percent capacity utilization and processed 7.92 million tonnes of crude for the quarter.

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