Financial Daily from THE HINDU group of publications
Sunday, May 01, 2005
Financial Daily from THE HINDU group of publications Sunday, May 01, 2005 |
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Corporate Results
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Petroleum GAIL full-year net up 4 pc Our Bureau
New Delhi , April 30 GAIL (India) Ltd has posted a 15-per cent increase in turnover (excluding internal consumption and net of excise duty) for the financial year 2004-05 to Rs 12,435 crore (un-audited) from Rs 10,827 crore in FY 2003-04. The company's profit after tax (PAT) went up 4 per cent to Rs 1,947 crore in 2004-05 from Rs 1,869 crore in the same period last year. The increased turnover was due to increase in natural gas sales and transmission on account of supply of regasified LNG, growth in polymer sales and rise in LPG transmission due to surge in throughput in the Jamnagar - Loni LPG Pipeline and commissioning of the Vizag - Secunderabad LPG pipeline. According to a company release, gas transmission went up 16 per cent to 72.86 million metric standard cubic metres per day (mmscmd) from 62.84 mmscmd in the previous financial year. Polymer sales rose 17 per cent to 3,19,000 tonnes from 2,73,000 tonnes in the last financial year. LPG transmission went up 16 per cent to 2.14 million tonnes from 1.84 million tonnes in FY 2003-04. Mr Proshanto Banerjee, Chairman and Managing Director, GAIL, said, "The company has continued its steady performance in 2004-05 despite the increased burden of Rs 1,138 crore on account of sharing of LPG and kerosene subsidies. Without such a burden, the PAT would have registered an increase of 26 per cent over the last fiscal. This burden has jumped from Rs 428 crore in 2003-04 to Rs 1,138 crore during 2004-05, an increase of 166 per cent." The subsidy burden due to kerosene subsidy alone is Rs 601 crore, which is 53 per cent of the total burden. The Government has favourably considered GAIL's request that it should not be burdened with kerosene subsidy, as it does not produce the product, Mr Banerjee said
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