The Hindu Business Line : Gulf Oil Q4 net profit drops

GULF Oil Corporation, a Hinduja group company, has reported a significant fall in net profit for the fourth quarter of fiscal ended March 2005, despite a growth in turnover.

The company posted a net profit of Rs 2.74 crore on a turnover of Rs 126.3 crore for the quarter as against a net profit of Rs 6.41 crore on a turnover of Rs 116.24 crore in the corresponding quarter of the previous fiscal.

For the fiscal, the company posted a net profit of Rs 20.03 crore (Rs 22.9 crore) on a turnover of Rs 454.63 crore (Rs 405.73 crore).

The board has recommended a dividend of 65 per cent for the fiscal compared to 60 per cent in the previous fiscal.

With the emergence of India as a major destination for contract research, the Gulf Oil board has decided to set up a large technology knowledge park to support research and development in IT, bio-IT and life sciences areas at the Hyderabad campus.

In a press release here on Wednesday, the company said the project work and evaluation of the project has been started with technical consultancy services from a German consultancy group specialising in the setting up of international quality technology parks.

The Speciality Chemicals Division's active pharmaceutical ingredients production facility set up at a cost of over Rs 24 crore was in the final stages of commissioning. Pre-commissioning checks and approvals for the current `good manufacturing practices' compliant factory were in final stages.

The company expects commercial production to start within the next two months.

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