Reliance Industries reports 20 pc jump in profits

Thursday, 26 April 2007, 07:00 Hrs
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Mumbai: Mukesh Ambani-controlled Reliance Industries Ltd (RIL), India's largest private sector enterprise, Thursday reported a 20 percent jump in net profits for fiscal 2006-07 at 109 billion ($2.51 billion).

The company - which has interests in diverse areas from oil to petrochemicals - said its turnover for the year under review was also up 24 percent at 1,108.87 billion ($25.51 billion) - almost half the size of India's national budget.

"I am pleased to report yet another year of robust performance by RIL," Ambani said in a statement after presenting the unaudited results for the fourth quarter ending March 31.

"While our petrochemicals and refining business recorded best ever performance, we have made substantial investments in our future growth engines such as exploration and production and retail businesses," he added.

But the shares of the company ended slightly lower by 0.19 percent on the Bombay Stock Exchange. They last traded at 1,596.15 after opening at 1,611 and touching a high of 1,624.80.

During the quarter ended March 31, the company had disbursed an interim dividend at the rate of 11 for every fully paid-up equity share totalling $353 million that included a dividend distribution tax.

Giving details of other parameters of performance, the company said the crude processed by it increased by four percent to 31.7 million tonnes during the period under review, reflecting the refinery's operating rate of 96 percent.

While petrochemicals production grew by 16 percent, oil production increased by 19 percent and gas output was up 13 percent, the company said in a statement.

"RIL remains committed to investing its cash flow in existing and new businesses along with pursuing new opportunities both organic and inorganic," the statement said, adding the group was confident of sustaining the robust growth.
Source: IANS
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