Reliance Q3 net drops 15%

Reliance Industries today reported a 15% decline in net profit at Rs 1,776 crore for the third quarter ended December 31, 2005 as against Rs 2,091 crore in Q3FY05.

According to a release issued by the company to the BSE today, total income increased to Rs 18,348 crore in Q3FY06 from Rs 18,099 crore in Q3FY05.

The performance highlights for the nine months ended December 31, 2005, according to an official release issued by the company,  are:

* Turnover of Rs 62,676 crore ($13,913 million) as against Rs 53,324 crore in the corresponding previous period - an increase of 18%.

* Operating Profit (PBDIT) increased to Rs 10,849 crore ($2,408 million) as against Rs 10,239 crore - an increase of 6%.

* Cash Profit (before depreciation and deferred tax) of Rs 9,514 crore ($2,112 million) as against Rs 8,622 crore - an increase of 10%.

* Net Profit of Rs 6,567 crore ($1,458 million) as against Rs 5,280 crore - an increase of 24%.

* The total paid-up equity share capital stood at Rs 1,394 crore ($309 million).

* Earnings Per Share (EPS) for nine months is Rs 47.1 ($1.05) & Cash Earnings Per Share (CEPS) for nine months is Rs 68.2 ($1.51).

"Increase in sales reflects the impact of increase in product selling prices of 20% and decrease in sales volume of 2%," the release said.

The refinery at Jamnagar was under partial shutdown during the month of October and November for planned maintenance. As a result, crude processed during the third quarter was 6.70 million tonne as compared to 7.95 million tonne processed in the trailing quarter. During the nine months under review, the refinery operated at 91% capacity utilisation in nominal terms, and processed 22.57 million tonne of crude, the release added.