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Sunday, July 21, 2019

India's Reliance reports 6.8% rise in profits

AFP, Mumbai :
Indian conglomerate Reliance Industries on Friday reported a 6.8 percent rise in consolidated net profit despite a slowdown in its oil refining business.
The Mumbai-based company owned by Asia's richest man Mukesh Ambani said its consolidated net profit for the three months through June rose to 101.05 billion rupees ($1.47 billion) from 94.59 billion rupees reported for the same quarter a year earlier.
"Our first-quarter earnings were strong despite weak global macro-economic environment and challenging hydrocarbon market conditions," Ambani said in a statement.
He added that growth in the company's retail and telecoms operations helped boost overall revenues.