Gulf Oil Corporation Ltd., has registered a net profit of Rs. 15.06 crore for the first quarter ended June 30, 2011 registering a growth of 62 per cent over Rs.9.31 crore it logged for the corresponding quarter last year.

The company operational income including sales was up at Rs. 247.39 crore (including exceptional item) for the first quarter as against Rs. 255.65 crore for the corresponding quarter last year.

For the financial year ended March 31, 2011, the company registered total income was Rs. 1001.02 crore and net profit of Rs. 54.19 crore.

The Managing Director of Gulf Oil, Mr. S.Pramanik, in a statement mentioned that the lubricants division achieved a significant increase in revenues and volumes in Q1 at Rs. 206 crore as compared to Rs.140 crore, a growth of 47 per cent. The demand for the lube industry was positive with a slight negative sentiment on the future outlook from the OEM factory fill business.

This division continued to grow the channel volumes with promotions and distribution initiatives across core segments of new generation diesel engine oils, motorcycle oils and passenger car motor oils.

The results of the explosives division are not comparable as the packaged and bulk explosives have been demerged into a 100 per cent subsidiary, IDL Explosives Ltd. IDL Consult, the contract mining and infrastructure division achieved a revenue of Rs. 16 crore in the first quarter.

While the road work on the Hyderabad real estate property had commenced, construction work on the Bangalore property is set for commissioning in September.

The company shares closed the day’s trade lower at Rs. 90.10 down 0.61 per cent.

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