Reliance Warns of Global Recession Headwinds After Profit Miss
- High operating expenses due to freight, raw material cost: CFO
- IMF will slash the global growth outlook later this month
Photographer: Dhiraj Singh/Bloomberg
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Reliance Industries Ltd. has warned that a global recession can hurt oil refining margins, flagging the possibility of more pain ahead after the owner of world’s largest refining complex posted a lower-than-expected profit.
“Recession fears are overtaking oil market fundamentals, resulting in lower prices and margins,” Reliance’s Joint Chief Financial Officer V. Srikanth said in a post-earnings call Friday.