RIL net profit to show higher than expected drop

11-Jan-06

Reliance Industries Ltd. posted a higher-than- expected drop in Q3 profit because of a planned 8 week shutdown at its refinery and higher expenses. Profit fell 15% to Rs.17.76 billion (US$401 million) in the three months ended Dec. 31 from Rs 20.91 billion a year ago, ending 10 quarters of record earnings. Reliance's higher costs in the quarter may be a one-time expense incurred as part of the ongoing de-merger exercise, separating its phone, power and financial services businesses as part of a settlement between the two Ambani brothers