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Reliance Industries Reports Fall in Quarterly Profits

8:24 AM MDT | July 20, 2012 | Deepti Ramesh

Reliance Industries says net profits for its fiscal first quarter ended June 30, 2012 decreased 21% compared with the same period of the previous year, to about Rs44.7 billion ($808 million). First-quarter sales increased 13.4%, to Rs949.2 billion, however due to higher prices, Reliance says. Exports increased 6.8% during the first quarter, to Rs552.6 billion. Reliance’s petrochemicals business segment recorded an 18.9% rise in first-quarter sales compared with the year-ago period, to Rs218.3 billion, with Ebit down 20.7%, to Rs17.5 billion. In the...

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