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Our Bureau

Hyderabad , Oct. 27

Gulf Oil Corporation, a Hinduja Group company, has reported a growth of 48.17 per cent in turnover at Rs 163.75 crore for the quarter ended September 2006 as against Rs 110.51 crore in the corresponding quarter of the previous year.

However, the company has suffered a fall of 82.72 per cent in net profit during the quarter at Rs 3.59 crore as against Rs 6.56 crore in the corresponding quarter last year. The company's lubricants division achieved revenue of Rs 99.7 crore (Rs 51.87 crore), an increase of 92 per cent. However, the profit for the division dipped to Rs 2.9 crore from Rs 3.36 crore in the corresponding quarter of previous fiscal.

In a press release here, the company said the profits of the division could not keep pace with the turnover on account of increase in base oil cost, which could not be passed on fully to the end users.

The explosives division achieved a turnover of Rs 32.32 crore, up from Rs 29.64 crore in the corresponding quarter of previous fiscal. The division incurred a loss of Rs 1.45 crore as compared to a profit of Rs 5.56 lakh.

The loss was on account of increase in raw material costs, which could not be passed on, the company said.

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