Indian Reliance’s 4th quarter net profit falls below estimates
The company’s fourth quarter sales retreated to 80,196 crore year over year from 103,521 crore while their turnover was also down 25.6% to 96,330 crore ($15.3 billion) from 121,077 crore posted in the same period of 2013 due to market volatility and a slump in global crude oil prices which lost value by more than half since June, 2014.
Meanwhile, the company’s revenue from the petrochemicals segment declined 15.2% on the year to 23,001 crore ($3.6 billion) due to lower feedstock and product prices while the company’s earnings before interest and taxes (EBIT) for the fourth quarter decreased 2.4% to be reported at 2,064 crore on a yearly basis. In addition, it was reported that the company’s capital expenditure mostly focused on ongoing expansion projects in the petrochemicals and refining business at Jamnagar, Dahej and Hazira, Broad band Access and US Shale gas projects.
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