Reliance Industries Ltd [Get Quote] on Thursday reported a 56.67 per cent dip in its net profit at Rs 3,501 crore (Rs 35.01 billion) for the third quarter ended December 31, 2008 amid volatility in prices and margins.

The company had a net profit of Rs 8,079 crore (Rs 80.79 billion) in the corresponding quarter of the last fiscal, the Mukesh Ambani-led firm said in a filing to the Bombay Stock Exchange.

The total turnover also dipped 8.75 per cent to Rs 31,563 crore (Rs 315.63 billion) during the quarter under review from Rs 34,590 crore (Rs 345.9 billion) in the year-ago period.

"This was one of the most challenging quarters for Reliance with volatility in prices and margins. Producers and consumers are coming to terms with slower global trade and economic outlook. Reliance performed commendably in this environment, with high operating rates.

"We also reached an important milestone in start-up of the RPL refinery," said RIL chairman and managing director Mukesh Ambani.

During the nine month period ended December 2008, the company's net profit dipped 24.53 per cent to Rs 11,733 crore (Rs 117.33 billion).

The company had a net profit of Rs 15,546 crore (Rs 155.46 billion) in the year-ago period.

However, excluding the exceptional gains in the third quarter of the previous fiscal, the company's net profit would have been at Rs 3,882 crore (Rs 38.82 billion).

"Exceptional item during the corresponding previous quarter and nine months ended December 31, 2007 represents gains primarily arising out of transactions concerning Reliance Petroleum [Get Quote] shares," the company said in the filing.

Shares of the company closed in the positive territory at Rs 1,132.95, up 1.21 per cent on the BSE. The earnings announcement came after the market hours.

About 430 opted for 'voluntary separation': In the midst of massive job cuts by companies across the world, RIL said about 430 of its employees agreed to 'voluntary separation' during the quarter ended December 31.

The company paid a sum of Rs 110 crore (Rs 1.1 billion) during the quarter to the affected employees.

"The company announced a Voluntary Separation Scheme for the employees of Patalganga unit during the quarter ended December 31.

RIL incurred total staff cost of Rs 605 crore (Rs 6.05 billion) during the quarter, up from Rs 577 crore (Rs 5.77 billion) in the year-ago period.

In the first nine months of the current fiscal, the total staff cost rose to Rs 1,844 crore, from Rs 1,544 crore (Rs 15.44 billion) in the year-ago period.

In the fiscal ended March 31, 2008, RIL had incurred a total staff cost of Rs 2,119 crore (Rs 21.19 billion).