Financial Daily from THE HINDU group of publications
Saturday, Apr 23, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 23, 2005 |
|
|
|
|
|
Corporate Results
-
Petroleum Gujarat Gas Q1 net rises 88 pc Our Bureau
Ahmedabad , April 22 GUJARAT Gas Company Ltd has reported a net profit of Rs 33.5 crore for the January-March quarter of 2005, an increase of 88 per cent as compared to Rs 17.8 crore in the same period last year. Income from operations has grown 6.7 per cent to Rs 178.8 crore (Rs 167.6 crore) in the first quarter of the year. A company spokesperson attributed the higher net profit to a better sales and purchase mix, concentration on the retail segment and a one-time income of Rs 12.7 crore received in settlement of a dispute with one of its suppliers. "We have managed to overcome the availability constraints this year and have concentrated on the retail segment where the realisations are higher. We have added seven new CNG stations and the number of vehicles running on the fuel in Surat, Bharuch and Ankleswar has gone up six times," he said. During the quarter under review, Gujarat Gas, a 65 per cent subsidiary of British Gas, has started laying new pipelines in the Gujarat Industrial Development Corporation park at Vapi. It has also entered into an agreement with the Panna-Mukta-Tapti consortium for 0.7 mmscmd (million standard cubic metres per day) gas. The new source has started flowing from April 1 and will help mitigate the supply constraints faced by the company, he said. The volume of gas sold by the company in the quarter under review has increased from 175 mmscmd to 195 mmscmd. Transportation volume decreased to 226 mmscm (297 mmscm). According to Mr B.S. Shantharaju, Managing Director of Gujarat Gas, the company had firmed up plans to invest Rs 160 crore in network expansion and CNG business. "The work on all these investment plans continues on schedule. This investment, the largest ever by Gujarat Gas in a single year, will help us grow our business and leverage the opportunities created by the availability of new sources of gas in Gujarat," Mr Shantharaju said.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|