Profits slide 5.7% for India's Reliance as firm scales back on investments
October 17, 2012, 5:33 pm TWN
MUMBAI -- India's Reliance Industries on Monday reported a 5.7-percent slide in September quarter profits from a year ago, as the company scales back investment in India's largest oil and gas fields.
A bounce in refining margins and investment income on Reliance's US$14.9 billion pile of cash helped make up for falling gas production and weakness in its petrochemicals business, which the company said was a “cyclical low” caused by the slowdown in China.
Net profit was 53.8 billion rupees (US$1 billion) on sales of 932.7 billion rupees (US$17.6 billion) in the July to September quarter, the company said, in line with estimates.