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Updated Thursday, July 29, 2010 11:48 am TWN, AP

Reliance Industries quarterly profit rises 32.3% on offshore production

MUMBAI -- India's Reliance Industries posted a 32.3 percent rise in quarterly profit Tuesday, in line with expectations, thanks to surging production from its offshore oil and gas field and strong refining volumes. Net profit for the April-June quarter was 48.5 billion rupees (US$1.0 billion), up from 36.7 billion rupees in the year-ago period.

Revenues surged 88.1 percent, to 610.1 billion rupees (US$13.1 billion), as exports more than doubled to US$7.1 billion, and refining margins improved.

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