The Hindu : Business : RIL profit rises 7%

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Friday, Oct 24, 2008
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Business

RIL profit rises 7%

Special Correspondent

Company starts
production from
the KG Basin

MUMBAI: Reliance Industries (RIL) reported a net profit of Rs. 8,232 crore for the half-year ended September 30, 2008, against Rs. 7,467 crore in the corresponding period of the previous year, an increase of 10 per cent. The turnover was higher by 38 per cent at Rs. 89,163 crore against Rs. 64,692 crore.

The company exported manufactured products worth Rs. 58,180 crore against Rs. 37,074 crore, an increase of 57 per cent. The refinery processed 16.34 million tonnes of crude during the period and petrochemical production increased by two per cent from 9.78 million tonnes to 9.98 million tonnes.

Higher exports

For the second quarter ended September 30, 2008, the company recorded a net profit of Rs. 4,122 crore ($878 million) against Rs. 3,837 crore in the corresponding period of the previous year, an increase of 7 per cent.

The turnover was Rs. 46,113 crore ($9.8 billion) against Rs. 33,402 crore, an increase of 38 per cent. Exports of manufactured products were Rs. 29,823 crore ($6.4 billion) against Rs. 19,809 crore, up 51 per cent.

“It has been an exciting quarter,” said Mukesh D. Ambani, Chairman and Managing Director. “We have started production of oil from the KG Basin and soon will emerge as key hydrocarbons major. At Reliance, we are at the final leg of capital expenditure in our key businesses and will see cash flows from these investments in the following quarters. Leading economies across the globe are passing through some unprecedented times. Our businesses are gearing to meet these emerging challenges.”

The growth in revenue was due to a 36 per cent increase in prices and 2 per cent rise in volumes.

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