Mumbai-Indian refining and petrochemical giant Reliance Industries posted net profit of Rupees 44.40 billion ($885 million) for the October-December quarter, down 13.5% from a year earlier mainly on lower refining margins dur- ing the quarter, the company said January 20. The gross refining margin (GRM) for the company's third quarter in its financial year (April 2011-March 2012), came in lower at $6.80/b compared with $9/b in the same period last year, and also lower than $10.10/b earned in the September quarter. GRM's were lower primarily due to weaker product cracks but also due to the impact of higher crude costs and reduced Arab light- heavy differentials, RIL said.
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