RIL posts surprise 24 pct surge in quarter profit

(AP) India's Reliance Industries says December quarter profits surged 24 percent from a year ago, to 55.0 billion rupees ($1.0 billion), on surprisingly strong refining margins and solid demand for petrochemicals.

Revenues for the October to December quarter rose 10 percent, to 963.1 billion rupees ($17.9 billion).

Analysts polled by FactSet forecast profit of net profit of 51.0 billion rupees ($945 million) on sales of 914.3 billion rupees ($17.0 billion).

Gross refining margins rose to $9.6 a barrel, the highest since April, beating an expected slide to $8.7 a barrel.

Oil and gas revenues slid 32 percent on weak production.

Chairman Mukesh Ambani pledged Friday to invest over a trillion rupees ($18.6 billion) to upgrade its petrochemical and refining businesses.