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India:Reliance Industries Ltd posts record profits in Q1 |
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2005-7-29
Claiming the highest position as the country''''s private sector profit maker, Reliance Industries Ltd posted a net profit at $531 million on a turnover of $4.6 billion for the first-quarter ended June 30, 2005, inform company sources.
Alongwith the turnover rising by over 26 percent compared to last years same period, the net profit rose by 61 percent.
The company has diversified interests in yarns, fibers, fabrics, textiles, oil, gas and petrochemicals.
It produced 3.18 million tons of petrochemicals during the quarter and its refinery operated at 96% capacity utilization and processing 7.92 million tons of crude during the quarter.
The production and sales figures of manmade fiber and yarn were unavailable.
Currently, RIL is India''''s largest fiber producer and among the top three in the world.
Reliance also announced that its board of directors had approved the buy-back of equity shares in the open market through stock exchanges, made pursuant to a public announcement dated December 28, 2004 be closed from the end of business hours on August 2, 2005.
Shri Dipak C Jain, Dean, Kellogg School of Management, Northwestern University, has joined the company''''s board of directors, effective August 4, 2005, sources informed.
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