Friday, Oct 17, 2003
Friday, Oct 17, 2003 |
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By Our Special Correspondent
The gross turnover (including inter divisional transfers and excise duty) of Rs. 35,202 crores was up by 11 per cent compared to Rs. 31,782 crores. The net turnover of Rs. 27,311 crores was 1increased by 13 per cent compared to Rs. 24,100 crores. The operating profit increased to Rs. 5,188 crores from Rs. 4,610 crores, an increase of 13 per cent. The cash profit improved to Rs. 4,215 crores from Rs. 3,649 crores, an increase of 15 per cent. The total paid up equity share capital stood at Rs. 1,396 crores. The EPS (earnings per share) for the half-year is Rs. 17 and CEPS (cash earnings per share) Rs. 30.20. The company's production of oil and gas and petrochemicals, including toll conversion, was 6 million tonnes during the period under reference. The refinery operated at 112 per cent capacity utilisation and processed 15.2 million tonnes of crude during the half-year. The net profit after consolidating the subsidiary and associate companies is at Rs 2,404 crores. Announcing the half-yearly financial results here today, Anil D. Ambani, Vice-Chairman and Managing Director, Reliance Industries, said, "Stability in feedstock prices, accompanied by increases in product selling prices, has contributed to our improved margins. Overall demand for our products remains healthy, and with improving capacity utilisation rates globally, we expect to maintain the uptrend in our profitability.''
Reliance Info to buy Flag Telecom Reliance Gateway Net Private Limited, a wholly owned subsidiary of Reliance Infocomm, today entered into an amalgamation agreement with Flag Telecom Group Limited (Flag), for the acquisition of 100 per cent of the fully diluted equity of Flag at $207 million, said Mr. Ambani. The agreement has been unanimously approved by the boards of Flag and Reliance Gateway. This agreement is an important first step towards concluding the acquisition of Flag, which is subject to certain conditions, including the receipt of regulatory approvals and the approval of Flag's shareholders. A meeting of Flag's shareholders is expected to be held in December to approve the amalgamation. Reliance believes that its acquisition price of $207 million is attractive and offers great value to Flag's shareholders. This acquisition, when consummated, will be the first international acquisition by Reliance and the largest such international acquisition in the services sector by an Indian company. Flag's global fibre optic network will complement Reliance's next generation digital network in India and enable Reliance to serve its customers worldwide more effectively by offering end to end solutions. Advisors to Reliance on this transaction are Davis Polk & Wardwell, legal advisors, and Deutsche Bank, financial advisors. Flag is in the business of providing bandwidth through its undersea cable network. Package for marketing petroleum products NEW DELHI, OCT. 16. The Union Petroleum Ministry has mooted a bailout package for the Reliance Group to enable it to market its 30 million tonnes petroleum products production every year in the post "take and pay'' era with state-owned public sector companies ending on March 31, 2004. The package, which was being discussed in the Ministry, was prepared for the largest refinery of the country to market its products even after March 2004, when the current agreement between Reliance and state-owned oil companies will end. Under the proposed bailout package, the company will be given final permission to set up more than 5,800 retail outlets in the country and during the interim period after March 2004, and till the setting up of retail outlets, Reliance may be allowed to enter into "hospitality arrangement'' with the government companies to ensure that the refiner may not face any problem in dispatching their products in far away areas from the Jamnagar unit, particularly to Northern Indian as well as Central Indian markets.The bailout package in the post-Supreme court ruling assume significance as Reliance Industries have now decided to set up its own marketing network. — UNI
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