Reliance Industries Q3 net down 14 pct, first drop in 2 years
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Energy conglomerate Reliance Industries reported a 14 percent fall in October-December net profit, its first quarterly profit drop in more than two years as gross refining margins fell sharply.
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The company said net profit fell to 44.4 billion rupees for the fiscal third quarter ended December from 51.36 billion a year earlier. That compares with an average forecast of 48.1 billion rupees in a Reuters poll.
Gross refining margins for the quarter fell to $6.80 a barrel from $9.00 a barrel a year earlier.
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The company, valued by the market at $50.2 billion, saw its shares tumble 35 percent in 2011, underperforming a nearly 25 percent fall in the main index during the year, mainly due to a sharp fall in production from its offshore gas fields.
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