India's largest petrochemicals firm, Reliance Industries Ltd. has posted 15% drop in quarterly net profit. October-December net profit fell to 17.76 billion rupees ($401 million) from 20.91 billion a year ago.
This sharper than expected drop can be attributed to a prolonged refinery shutdown and weak refinery margins. The 660,000 bpd refinery can turn cheap, heavy sour crude into high-quality products, and earns more than half Reliance's profits. The Jamnagar refinery processed 6.7 million tons of crude in the quarter as compared with 7.95 million tons in July-September, affecting production of paraxylene, purified teraphthalic acid and mono-ethylene glycol.
13-Jan-06 
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