Reliance Reports Fall in Quarterly Profits

Ambani: Reduced profits in petrochemicals. Reliance Industries says that net profits for the company’s fiscal third quarter ended December 31, 2011 decreased 13.6% compared with the same period of the previous year, to about Rs44.4 billion ($883 million). Sales increased 40%, to Rs874.8 billion. “The global nature of our businesses and weakness in economic conditions resulted in reduced earnings in the quarter, particularly in our refining and petrochemicals businesses,” says Mukesh Ambani, chairman and managing director of Reliance...

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