Reliance Industries Limited (RIL) reported its financial performance for the half year ended 30th September, 2007. Highlights of the un-audited financial results as compared to the previous period are:
• Turnover increases by 9% to Rs. 64,692 crore (US$ 16.24 billion). • Cash Profit increases by 20% to Rs. 10,223 crore (US$ 2.57 billion) • Net Profit increases by 31% to Rs. 7,467 crore (US$ 1.87 billion) • Gross Refining Margin for 2Q FY 07-08 was at US$ 13.6 / bbl and for 1H FY 07-08 was US$14.5 / bbl • Reliance has acquired a majority stake and management control of Gulf Africa Petroleum Corporation (GAPCO), a petroleum downstream company in East Africa. • Reliance has signed an agreement to acquire the assets of Hualon, a leading polyester producer in Malaysia.
Commenting on the results, Mukesh D. Ambani, CMD, Reliance Industries Limited said: “Reliance had another quarter of record earnings. Once again, our world class assets have delivered a superior operating performance. Further, Reliance has extended its global footprint with the acquisition of GAPCO in East Africa and Hualon's assets in Malaysia. Our investments in E&P, organized retail and development of special economic zones will all be the cornerstones for future growth.”
Petrochemicals: Reliance signed an agreement with the Receivers and Managers of Hualon Corporation (M), in Malaysia, to acquire the assets of Hualon. This acquisition will help RIL strengthen its position in the entire textile value chain and further consolidate its position as the world's largest polyester manufacturer with an annual capacity of 2.5 million tonnes.
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