Weak oil prices crush Ambani-led Reliance's profit [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Weak oil prices crush Ambani-led Reliance's profit BENGALURU (Reuters) - Reliance Industries Ltd’s ( RELI.NS ) quarterly profit fell for the first time in three years as a slump in crude prices due to the coronavirus hammered its dominant energy businesses. The company, India’s largest by market value, has in the last decade diversified to establish large telecoms and retail operations, but the energy division still accounts for the lion’s share of overall revenue. The conglomerate led by Asia’s richest man, Mukesh Ambani, said on Thursday it wrote down 42.45 billion rupees ($565 million) to reflect inventory losses in its oil refining and petrochemicals businesses. As a result, consolidated profit plunged 39% to 63.48 billion rupees ($845 million) in the three months ended March 31. Analysts on average had expected 105.20 billion rupees. Profit pressure for the owner of the world’s biggest oil refining complex also forced it to cut the pay of some top oil-and-gas division employees
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