MOSCOW (MRC) -- Reliance Industries Ltd. (RIL), operator of the world’s biggest oil-refinery complex, said first-quarter profit rose 12% as lower crude costs boosted earnings from fuel sales, as per Hydrocarbonprocessing.
Net income increased to 63.2 billion rupees (USD987 million) in the three months ended June 30 from 56.5 billion rupees a year earlier, the Mumbai-based company said Friday in a stock exchange statement. That beat the
62.5 billion-rupee median of 16 analyst estimates compiled by Bloomberg.
The company's sales fell 32% to 658.2 billion rupees.
As MRC reported before, RIL will invest up to USD700 mln in its shale gas venture in the current fiscal and also ramp up spends under the USD13 bln capex programme in the petrochemical and refining business.
Reliance Industries is one of the world's largest producers of polymers. The company's polymer production in 2010-11 (polypropylene, polyethylene and polyvinyl chloride) made 4,094 kilo tonnes.
MRC