GAIL’s second quarter net profit up 29.48 percent

November 3rd, 2010 - 4:45 pm ICT by IANS  

New Delhi, Nov 3(IANS) State-owned gas transmission and marketing company GAIL Wednesday reported a 29.48 percent increase in net profit for the second quarter of the current fiscal year on increased margins in higher gas prices.

The net profit for the second quarter stood at Rs.923.55 crore as compared to Rs.713.23 crore in the like period of 2009.

“Company has posted a net profit of Rs.9,235.50 million for the quarter ended Sep 30, 2010 as compared to Rs.7,132.30 million for the quarter ended Sep 30, 2009,” the company said in a statement to the Bombay Stock Exchange (BSE).

It said the petroleum ministry had allowed GAIL to charge marketing margins on the sale of natural gas produced by national oil companies, which translated into better profits for the company.

The total income of the company also increased by 29.50 percent in the second quarter to reach Rs.8,278.1 crore from Rs.6,392.22 crore in the second quarter of 2009.

Segment wise, the company reported a increase of 17.04 percent in charges for transmission of natural gas at Rs. 7206.3 crore from Rs. 6156.9 crore.

While its liquefied petroleum gas (LPG) and hydrocarbons segment logged Rs.1,751.7 crore in the second quarter as against a loss of Rs.731.1 in the corresponding period of 2009.

The per share earnings of the company also grew to Rs.7.28 as against Rs.5.62 crore in the second quarter of 2009.

According to the company, the under-recoveries on sensitive petroleum products came down by 24.46 percent in the second quarter and stood at Rs.3,463.7 crore from Rs.4,585.4 crore.

On the BSE, GAIL’s share was trading 0.28 percent higher at Rs.487.70. The scrip had risen to an intra-day high of Rs. 497.

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