Oil firms didn’t spend two percent of profits on CSR

September 30th, 2009 China says industrial profits fell 10.6 percentBEIJING — Profits at China's oil producers, steel makers and other major industrial companies fell 10.6 percent in the first eight months of 2009 from the same period a year earlier, the National Bureau of Statistics said Sunday. Total profits for the biggest Chinese industrial companies — those with annual revenues above 5 million yuan ($732,000) — were 1.67 trillion yuan ($245 billion) from January to August, data showed.

July 31st, 2009 MUMBAI - Realty major DLF Friday reported a 79 percent drop in its net profit to Rs.396 crore for the quarter ended June 30 from Rs.1,863.97 crore in the same quarter, the previous fiscal. The company's total income also slipped to Rs.1,649.86 crore, a 57 percent drop from the previous corresponding quarter's Rs.3,810.62 crore.

July 30th, 2009 Repsol-YPF reports 2Q profits down 59 percentMADRID — Spanish oil company Repsol-YPF said Thursday its net profits for the second quarter dropped by 59 percent because of lower oil prices and the global economic slowdown. Repsol-YPF reported earnings of euro373 million ($526.08 million), compared with euro905 million for the same period last year.

July 28th, 2009 NEW DELHI - Budget carrier SpiceJet Tuesday reported net profits of Rs.263.42 million for the first quarter of this fiscal, against a loss of Rs.1.29 billion in the like quarter of 2008-09, despite some trying times for the aviation sector. The company's total income also registered a 10.55 percent increase at Rs.5.34 billion during the quarter, as against Rs.4.83 billion in the corresponding quarter of the last fiscal, said a regulatory filing with the Bombay Stock Exchange.

July 21st, 2009 Saudi prince's Kingdom Hldg Q2 profits drop 83 pctDUBAI, United Arab Emirates — The investment company headed by a Saudi billionaire with a major Citibank stake says its profit tumbled 83 percent in the second quarter because of stock market losses and a slump at its hotel businesses. Kingdom Holding Co., chaired by Prince Alwaleed bin Talal, said in a statement posted Tuesday on the Saudi stock market Web site that its earnings between April and June dropped to 92.1 million riyals ($24.6 million), from 534.7 million riyals during the same period a year earlier.

July 17th, 2009 SAN FRANCISCO - Web search giant Google reported a 19-percent increase in profits as cost cutting made up for a decline in online ad spending due to the recession. Profits rose 19 per cent to $1.48 billion from $1.25 billion a year ago.

July 14th, 2009 NEW DELHI - Only 160 out of 419 central government-run firms made profits in 2007-08, contributing Rs.23,857.88 crore (Rs.238.58 billion/$4.86 billion) as dividend to the exchequer, the government said Tuesday. Government-controlled companies had contributed Rs.18,443.79 crore (Rs.184.44 billon) in 2005-06 and Rs.22,834.76 crore (Rs.228.35 billion) in 2006-07 to the central kitty, said Minister of State for Heavy Industries and Public Enterprises Arun Yadav in a written reply in the Rajya Sabha.

May 14th, 2009 NEW DELHI - India's service sector is set to grow substantially in the next 12 months, though its business activity prospects remain lowest in the BRIC block comprising Brazil, Russia, India and China, says a survey by global auditing agency KPMG released Thursday. April's BRIC Business Outlook Survey, which covered around 1,400 service sector firms in the BRIC nations, said 31.1 percent of Indian companies saw their activity levels expanding, up from 15.3 percent last autumn.

May 8th, 2009 Banks, investment firms draw less from FedWASHINGTON — The Federal Reserve says banks and investment firms borrowed far less over the past week from its emergency lending program, a hopeful sign some credit stresses are easing. The Fed says commercial banks averaged $40.9 billion in daily borrowing over the past week that ended Wednesday.

May 5th, 2009 Disney profits plunge; recession hurts theme parksLOS ANGELES — The Walt Disney Co. said Tuesday its second-quarter net income fell 46 percent, with sharply lower profits at its movie studio and theme parks.

April 22nd, 2009 NEW YORK - Soft-drink giant Coca-Cola Co reported a drop of 10 percent in first-quarter profits Tuesday, citing costs to restructure its German distribution. Profits were $1.35 billion, or 58 cents per share, compared to $1.5 billion, or 64 cents per share, in the same period of 2008.

April 9th, 2009 WASHINGTON - With $34 billion in sales from its oil and gas operations, Reliance Industries tops 47 Indian companies that figure in the Forbes list of the world's biggest 2,000 companies. Ranked 121st, Mukesh Ambani-led Reliance also makes it to the list of top 200 companies with two other Indian entities, State Bank of India (150) and Oil and Natural Gas Corporation (152), in the list compiled by the US business magazine.

February 1st, 2009 NEW DELHI - Public sector oil companies will set aside over Rs.6 billion (Rs.600 crore), or at least two percent of their profits, for corporate social responsibility (CSR) projects, it was announced here Monday. This was decided at a meeting called by Petroleum Minister Murli Deora of public sector oil companies' heads.

January 26th, 2009 NEW YORK - Credit card company American Express said Monday its profits plunged 72 percent as customers fell behind on loan payments and were also spending less amid the widening recession. Profits fell to $238 million from $858 million a year earlier.

December 29th, 2008 MUMBAI - The value of investments made by private equity (PE) firms in 2007 were eroded by a whopping 60-70 percent or nearly $2.25 billion over the past few months amid turbulent economic conditions and falling stock markets, a study says. Of the 63 deals involving PE investment in 2007, a whopping 92 percent or 53 deals saw the investments losing value, said the report by SMC Capital, one of the country's largest share brokerage firms.