GAIL H1 net profit rises 32%

Monday, 28 October 2002, 08:00 Hrs
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Gas Authority of India Limited Saturday reported a 7.17 billion net profit in the first half of fiscal 2002-03, a rise of 32 percent over the 5.44 billion recorded in the same period last year.

NEW DELHI: "The increased turnover and profits are mainly due to the increase in the volumes in all the major segments in which the company operates - natural gas, LPG sales, petrochemicals and LPG transportation," GAIL said in a statement.

Sales, including internal consumption, increased by around eight percent to 56.18 billion during April-September as against 52.08 billion in the corresponding period of the previous year.

Sales of polymers registered an impressive growth to 137,714 tonnes against 117,646 tonnes. Liquefied petroleum gas (LPG) and other hydrocarbon sales were 603,943 tonnes against 490,800 tonnes during the same period last year.

Natural gas volume handled by the company also increased to 62.62 million standard cubic meters per day (MMSCMD) against 61.20 MMSCMD during the corresponding period of the previous year.

LPG transportation via pipelines was also higher at 666,472 tonnes against 548,718 tonnes during the corresponding period of the previous year.

The earning per share (EPS) rose to 8.48 against 6.43 in the corresponding period of previous year, according to the company.

During the six-month period under study, the company has completed projects worth about 6.17 billion out of those worth 12.07 billion it had in hand at the commencement of the year.

Major projects completed included Lanco-Kondapalli pipeline worth 2 billion, Krishna-Godavari Basin phase I, Gujarat pipeline projects and phase one projects the company had mapped out for entry into the field of a telecom infrastructure provider.

The company has projects worth 35.93 billion in progress, including the Hazira-Bijaipur-Jagdishpur (HBJ) upgradation project, the Visakhapatnam-Secunderabad LPG pipeline, Jamnagar-Loni LPG pipeline phase-II and telecom project phase-II.
Source: IANS

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