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Reliance 98-99 net up 3 pc to Rs 17.04 bn, production up 26 pc

Reliance Industries Limited has established several corporate records in financial results for the year ended March 31, 1999.

Sales were up nine per cent at Rs 14.55 billion (Rs 13.40 billion last year). Net profit was up three per cent at Rs 17.04 billion (Rs 16.53 billion last year). The figure are the largest in the private sector.

The company board has recommended a dividend of 37.5 per cent per annum for the year constituting a dividend payout of Rs 3.89 billion, one of the largest in private sector.

The total equity share capital remained unchanged at Rs 9.34 billion. Earnings per share or EPS is Rs 18 and cash earnings per share or CEPS is Rs 27.10

The company contributed Rs 28.93 billion to the national exchequer in the form of various taxes.

RIL's production increased from 5.61 million tonnes during 1997-98 to nearly 7.06 million tonnes during 1998-99, an increase of 26 per cent.

Total Exports including deemed exports increased from Rs 3.66 billion to Rs 6.85 billion, an increase of 87 per cent.

The company has reconciled the accounts with the United States' generally accepted accounting principles as well as with the international accounting standards.

Commenting on the results, Anil D Ambani, managing director, said, "Reliance has posted good results in perhaps the most challenging times of petrochemicals industry and at the bottom of its cycle. Given the tough operating environment, Reliance is one of the very few companies in this industry to post an earnings growth and achieve a record production of over seven million tonnes at full operating rates."

The commissioning of the new Rs 55 billion integrated petrochemicals complex at Jamnagar has begun, and will significantly enhance Reliance's market leadership and global competitiveness.

During the year, Reliance has acquired production facilities of over 65,000 tonnes per annum.

For the quarter ended June 1999, the company expects to announce its results in the third week of July 1999.

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