Gulf Oil Corporation Ltd has posted a lower net profit of Rs 10.59 crore for the second quarter ended September 30, 2012, against Rs 13.02 crore it registered for the corresponding quarter last year.
The total income from operations for the second quarter was up Rs 243.33 crore against Rs 228 crore for the corresponding quarter last year.
The Hinduja Group company had actually reported significant spurt (about 73 per cent) hike in profit from operations before interest and exceptional items for Q2 at Rs 15.78 crore (Rs 9.11 crore).
While the lubricants division performed well, the explosives and mining divisions logged lower numbers.
The lubricants division reported a growth of 12 per cent for the quarter at Rs 220 crore (Rs 197 crore). The profitability levels improved due to effective margin management and appreciation of rupee against the dollar. The explosives division registered lower sales at Rs 19 crore for the quarter (Rs 25 crore). The mining division, too, fared relatively badly logging Rs 4.55 crore (Rs 7.04 crore).
S. Pramanik, Managing Director, Gulf Oil, in a statement, said the pre-construction stage work on the Rs 1,800 crore project at Yelahanka in Bangalore consisting of a 30-acre IT and mixed-use SEZ, is progressing.
For the Hyderabad property, the company has entered into a pact with Hinduja Estates for its development on a sharing basis.
Houghton buy
The company on Wednesday announced the acquisition of the US-based Houghton International Inc for $1.045 million. It plans to operate Houghton as a separate company, but will leverage its extensive base of international customers to expand lubricant range.
Gulf Oil shares closed the day at Rs 85.35, down 1.16 per cent.