Reliance Industries Limitd, has reported 4th successive bad quarterly results with both Sales and net profits slipping and are no where near street expectations.
The Company has posted a net profit after tax of Rs 36360 million for the quarter ended June 30, 2009 as compared to Rs 41100 million for the quarter ended June 30, 2008. Total Income has decreased from Rs 418050 million for the quarter ended June 30, 2008 to Rs 327570 million for the quarter ended June 30, 2009.
GRMs were down to $7.5 / barrel below ONGC’s %9.0 / barrel, pathetic performance. Looks like the insiders were aware that their would be a sell off if the results were declared during market hours and hence on a Friday evening 🙂