Oil Company Figures Reliance Quarterly Figures Indicate Record Performance
Reliance Industries Limited (RIL) today reported its financial performance for the second quarter of 2011: the company announced its highest ever financial performance.
Mumbai/India – The Indian oil company announced an increased turnover of US $ 18.7 billion (an increase by 37,2 percent). More than half of these sums were generated on the export markets: around US $ 11.6 billion. These good figures also effected the profits: with a total of US $ 1,6 billion before taxes, Reliance announced a record financial performance (cash profit increased by 5.5 percent, net profit by 16.7 percent). All these values are yet un-audited.
“Reliance Industries continues to deliver strong financial and operating results. The growth in earnings was driven by strong refining margins and sustained performance in the petrochemicals business. Our cash flows give us the unparalleled opportunity to allocate capital to higher-margin resource plays in leading markets around the world. We remain committed towards investing in India and have commenced the investment program in the petrochemical business.”
The company also announced the discovery of rich oil- and gas reserves in an offshore exploration in the Cauvery-Palar deepwater region. Reliance currently holds 100 percent interests this block (BP could expect a 30 percent interest share in this and 22 other blocks).