RPT-Reliance posts record Q4 profit, lags estimate
MUMBAI, April 21 |
(Reuters) - India's largest listed firm Reliance Industries said fiscal fourth-quarter net profit rose 14 percent to its highest ever, but it lagged analysts' estimates as flat production from its gas blocks and lower than expected refining margins weighed on results. Billionaire Mukesh Ambani's Reliance, with interests in refining, petrochemical, oil and gas exploration and retail, said quarterly net profit rose to 53.76 billion rupees ($1.2 billion) from 47.1 billion rupees a year ago.A Reuters poll of brokerage had forecast quarterly net profit of 55.3 billion rupees. [ID:nL3E7FI2SL]
Reliance, which operates the world's biggest refining complex in western India, saw gross refining margins in its fourth quarter inch higher to $9.20 per barrel, up from $7.50 per barrel a year earlier and $9 in the previous quarter.
Shares in the company, valued at $75.7 billion, have declined nearly 2 percent in 2011, contributing significantly to the comparative 4.4 percent fall in the main index , in which the stock has the heaviest weight............ CLICK HERE FOR MORE
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