Reliance Industries Posts Declines in Quarterly Earnings and Sales

Reliance Industries says net profits for its fiscal first quarter ended June 30, 2009 fell 11.5%, to $759 million on sales down nearly 23%, to $7 billion. Fall in prices accounted for 24.4% reduction in sales, partially offset by higher volumes which accounted for 1.8% growth in sales, Reliance says. Exports in the quarter decreased by 38.5%, to $3.6 billion. The petrochemical business segment of the company recorded a 22.4% fall in sales, to $2.4 billion and Ebit was down 32%, to $434 million. During the period, domestic demand for most petrochemical products...

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