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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Reliance numbers beat forecasts



By Upstream staff 

Indian player Reliance Industries posted a 24% rise in quarterly net profit, beating analysts' expectations, on the back of soaring refining margins.

The company, valued at more than $96 billion, is expected to report better earnings this fiscal year after it begins to pump gas from its deep-water fields off India's east coast.

Net profit for the January-March period, the company's fiscal fourth quarter, rose to 39.12 billion rupees ($978 million), from 31.56 billion a year earlier.

Thirteen analysts polled by Reuters had forecast a net profit of 37.4 billion rupees and net sales of 356.3 billion rupees.

Reliance said refining margins for the March quarter were $15.5 a barrel, well above the benchmark Asian Dubai crack margin, which averaged about $7 a barrel.


Monday, 21 April, 2008, 12:47 GMT  | last updated: Monday, 21 April, 2008, 12:47 GMT

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