Gail Reports 19% Rise in Profit in Oct-Dec
Indian state-run Gail on February 10 reported a 19% year/year increase in standalone net profit for the three months ending December 31 (Q3) thanks to improved performance of natural gas, LPG and liquid hydrocarbon businesses. Profit was up 20% quarter/quarter.
Net profit in Q3 was rupees 14.81bn ($200mn) compared with rupees 12.5bn in the corresponding quarter of the previous year. The company’s turnover stood at rupees 159.27bn, down from rupees 180.81bn a year earlier.
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The company said that the recent commissioning of two major pipelines will boost its gas marketing and transmission volumes. Indian prime minister Narendra Modi inaugurated the Kochi-Mangaluru pipeline in January and the Dobhi-Durgapur pipeline earlier this month.