Sarkaritel.com News and Features-Corporate News

RPL Q4 net at Rs 84 cr

New Delhi, April 23, 2009

Mukesh Ambani-led Reliance Petroleum said it has reported a net profit of Rs 84 crore and a net turnover of Rs 3,678 crore for the quarter ended March 31, 2009.

The company started commercial production from March 15. Hence, figures for the year-ago period were not available.

The total expenditure during the quarter amounted to Rs 3,564 crore, RPL said in a filing to the Bombay Stock Exchange, adding that "the total capital employed by the company is Rs 33,982 crore."

Shares of the company reacted positively to the news and were trading at Rs 109.60, up 2.72 per cent in the late afternoon trade on the BSE.

Last month, the boards of RIL and RPL had approved the merger of both the entities which created one of the largest petrochemical firms of the world.

"RPL refinery has achieved startup and successful stabilization of its operations within a short period of time. The proposed merger with RIL would lead to a globally competitive and industry leading refining business and create sustainable value for shareholders," RPL Chairman Mukesh Ambani said.

During the quarter, RPL had commissioned a SEZ refinery at Jamnagar with a capacity of processing 3.6 million tonnes of crude.