, theexplorer battling a lawsuit over natural gas sales, reported alower profit, joining BP Plc and PetroChina Co. as earnings fromrefining tumbled following crude’s fall from a record.
Net income in the three months ended Sept. 30 fell 6.55percent to 38.5 billion rupees ($815 million), or 23.40 rupees ashare, from 41.2 billion rupees, or 27 rupees, a year earlier,the Mumbai-based company said in a statement today. The medianestimate of 15 analysts in a Bloomberg survey was a profit of 40billion rupees. Net revenue rose 4.8 percent to 468.5 billionrupees. Weak global demand for fuels squeezed profit margins forrefiners from ConocoPhillips to SK Energy Co. as crude in NewYork averaged $68.24 a barrel in the quarter, down 42 percentfrom a year earlier. Reliance, controlled by Mukesh Ambani , theworld’s seventh-richest man, sells fuels in the U.S. and Europeand is investing in India’s biggest gas field to reducedependence on refining oil.
Full Story: Reliance Profit Falls for Fourth Quarter on Refining - Bloomberg
Net income in the three months ended Sept. 30 fell 6.55percent to 38.5 billion rupees ($815 million), or 23.40 rupees ashare, from 41.2 billion rupees, or 27 rupees, a year earlier,the Mumbai-based company said in a statement today. The medianestimate of 15 analysts in a Bloomberg survey was a profit of 40billion rupees. Net revenue rose 4.8 percent to 468.5 billionrupees. Weak global demand for fuels squeezed profit margins forrefiners from ConocoPhillips to SK Energy Co. as crude in NewYork averaged $68.24 a barrel in the quarter, down 42 percentfrom a year earlier. Reliance, controlled by Mukesh Ambani , theworld’s seventh-richest man, sells fuels in the U.S. and Europeand is investing in India’s biggest gas field to reducedependence on refining oil.
Full Story: Reliance Profit Falls for Fourth Quarter on Refining - Bloomberg
