Financial Daily from THE HINDU group of publications
Friday, Jan 30, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 30, 2004 |
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Corporate Results
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Petroleum Gulf Oil posts 60 pc increase in net Our Bureau
Hyderabad , Jan. 29 GULF Oil Corporation Ltd, a part of the Hinduja group, has announced that it has registered a growth of 60.96 per cent in net profit for the third quarter of the current fiscal ended December 31, 2003 at Rs 4.34 crore compared to Rs 2.7 crore in the corresponding quarter of previous fiscal. In a press release here on Thursday, the company said the total turnover stood at Rs 113.07 crore compared to Rs 97.73 crore, up by 15.69 per cent. Operating profit rose by 62.59 per cent to Rs 5.83 crore from Rs 3.58 crore. According to the company, its lubricants division turned out a strong performance despite the steep increase in prices of base oils, which impacted the entire lubricating oil industry. The division posted a turnover of Rs 69.05 crore, representing a growth of 72.52 per cent. Meanwhile, Gulf Oil said it has initiated a project for expansion of its filling capacity by 50 per cent at its plant located at Silvassa with a capital expenditure of Rs 5 crore.
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