Reliance Industries Reports Fall in Quarterly Earnings

Reliance Industries says net profits for its fiscal second quarter ended September 30, 2009 fell 6.4%, to about Rs.38.5 billion ($819 million), on sales up 6.1%, to Rs.488 billion ($10.4 billion). The petrochemical business segment of the company recorded a 14.2% fall in sales in the second quarter, to $2.8 billion and Ebit was down 16%, to $465 million. Net profits for the fiscal first half decreased by 8.5%, to $1.6 billion, and sales for the first half decreased by about 9%, to $16.9 billion compared with year-ago period. Decrease in prices accounted for 45.2%...

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