Gulf Oil Corporation Ltd has recorded a net profit of Rs 13.02 crore, up 6 per cent for the second quarter ended September 30, 2011, against Rs 12.31 crore it logged for the corresponding quarter last year.

Its sales income was lower at Rs 228.03 crore for the second quarter against Rs 245.04 crore for the corresponding period last year. However, these quarters are not comparable.

Pursuant to the scheme of arrangement, the explosives division excluding detonators and explosive accessories in Hyderabad was demerged and transferred to a wholly owned subsidiary, IDL Explosives Ltd, during the previous financial year. Therefore, the results of the explosives division excluding explosives pertain only to detonators and accessories.

The lubricants division contributed to the growth registering revenues of Rs 223 crore, up from Rs 161 crore. The mining division achieved a turnover of Rs 25 crore and its numbers are not comparable. The mining and infrastructure division registered lower revenues of Rs 7 crore due to closure or curtailment of output of many profit-making iron ore mines in Orissa and Karnataka. The company, however, is expecting new orders worth Rs 200 crore in this division.

Closes funds for Yelahanka project

According to a statement from Mr S. Pramanik, Managing Director of Gulf Oil, the company announced that it has achieved financial closure for Rs 1,350 crore real estate mixed use special economic zone planned on a 40-acre site in Yelahanka in Bangalore. Apart from SEZ, it would have hospitality and retail projects.

Hinduja Realty Ventures Ltd will be its co-developer. The master plan for the Phase I of 86.5 acres has been drawn up by the Singapore-based RSP Architects for the project at Kukatpally in Hyderabad.

The work on the master plan road is progressing and building plans phase-wise are being drawn up and sent for approvals.

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