New Delhi, Oct 28 (IANS) State-run gas utility GAIL India has posted a 30 percent fall in net profit for the quarter ended Sep 30 at Rs.713 crore as compared to Rs.1,023 crore reported in the like period last year.
The company’s half-yearly net profit also dropped by 29.1 percent to Rs.13,690 crore this fiscal from Rs.19,200 crore in 2008-09.

GAIL board, which approved the results, also decided to raise Rs.500 crore through a bond issue in early December.

“Our board has approved raising of funds from the market and we will issue bonds for Rs.500 crore with greenshoe option of 50 percent,” said GAIL chairman B.C. Tripathi.

The total income for the second quarter increased marginally from Rs.6,350 crore to Rs.6,370 crore — a rise of 0.3 percent.

The company has had to share Rs.4,580 crore for the second quarter with the government as part of distribution of under-recoveries across state-run oil and gas undertakings. Last year, it had given Rs.4,000 crore during the corresponding period.

GAIL has so far “shared” Rs.5,330 crore with the government this year.