ZCZC
BCN-17
INDIA-RIL-AMBANI-ECONOMY
India’s Reliance reports 17.3% rise in profits
MUMBAI, Oct 18, 2018 (BSS/AFP) – Indian conglomerate Reliance Industries
on Wednesday reported a 17.3 percent rise in consolidated net profit boosted
by strong revenues from its telecom venture Jio and margins from its core
business of oil refining.
The Mumbai-based firm owned by India’s wealthiest man, Mukesh Ambani, said
consolidated net profit for the three months through September rose to 95.16
billion rupees ($1.29 billion).
Reliance has business interests in refining, retail, telecommunications
and petrochemicals.
“Our integrated refining and petrochemicals business generated strong cash
flows in a period of heightened volatility in commodity and currency
markets,” Reliance chief Mukesh Ambani said in a statement.
Revenues for the period were up 53 percent to 1.46 trillion rupees.
Meanwhile, RIL’s telecom venture Jio reported a fourth straight quarter of
profit due to an increase in subscribers and the introduction of its newest
low-cost smartphone JioPhone 2, the company said.
Jio, which earned revenues of 6.81 billion rupees, had reported losses for
the same quarter last year.
Ambani had launched Reliance Jio with much fanfare in September 2016
offering free services up to March 2017, sparking intense fare wars and
creating consolidation in the Indian telecom sector.
Reliance said in a statement that its gross refining margin, the profit
earned from each barrel of crude, was down to $9.5 in the September quarter
from $10.5 in the previous quarter.
Refining margins are a key profitability gauge for Reliance, one of the
world’s largest refiners.
Shares of Reliance fell over one percent Wednesday ahead of the earnings
announcement, which came after the local stock market closed.
BSS/AFP/HR/0945