The Hindu Business Line : GAIL declares 60 pc interim

GAIL (India) Ltd has reported a marginal increase in its net profit for the third quarter ended December 31, 2005, to Rs 643 crore, up from Rs 635 crore recorded in the third quarter of 2004-05.

The company's Board also approved an interim dividend of60 per cent for 2005-06.

The company also saw a decline in its LPG and kerosene subsidy burden during the quarter at Rs 206 crore as against Rs 369 crore last year.

The subsidy burden up to third quarter of the current fiscal was Rs 526 crore as against Rs 864 crore during the last year.

GAIL has declared an interim dividend at the rate of 60 per cent on the paid-up equity share capital of Rs 845.65 crore (i.e. Rs 6 per share), excluding corporate dividend tax, for 2005-06. The dividend would be paid to the shareholders from January 18.

During the pervious fiscal, the company had paid an interim dividend of 40 per cent followed by a final dividend at the rate of 40 per cent, on the paid-up equity share capital.

GAIL saw a 23 per cent increase in its sales during the third quarter to Rs 3,911 crore, from Rs 3,172 crore in the corresponding period last year.

The company has registered a growth of 18 per cent in its net sales up to the third quarter of the fiscal 2005-06. It has recorded net sales of Rs 10,800 crore up to the quarter under review from Rs 9,127 crore in the previous year.

The net profit up to third quarter stood at Rs 1,901 crore as against Rs 1,430 crore during the same period last year, registering a growth of 33 per cent.

The natural gas transmission during the third quarter was 81.41 MMSCMD, which was 11 per cent more than the natural gas transmission during the same period last year.

The petrochemical production registered a growth of three per cent.

The production was of 78,000 million tonnes (mt). The petrochemical sale was 75,000 mt, a growth of nine per cent over the same period last year.

According to the company, the LPG transmission saw a dip of 10 per cent during the quarter at 5.43 lakh mt mainly due to shut down of Jamnagar refinery.

LPG production was 2.69 lakh mt, a decrease of five per cent over the same period last year, mainly due to low gas availability.