India’s Reliance posts $900M quarterly profit
MUMBAI, India (AP) — Indian conglomerate Reliance Industries Ltd. reported quarterly profits of $900 million on Friday and a record income for the year so far on strong energy and retail revenues.
The Mumbai-based company’s net profit for the quarter ending Dec. 31 was up just 0.2 percent from the same period the previous year.
It said that profits for the nine months since the start of its fiscal year last April were a record-high $2.6 billion.
Reliance chairman Mukesh Ambani said profits were kept steady by the company’s oil refining business plus growing retail revenue, which expanded by 38 percent.
“This quarter demonstrates the outstanding quality of our refining and petrochemical business resources and their ability to deliver credible performance in a period marked by cyclicality and uncertainties,” Ambani said.