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Gulf Oil Corporation Ltd has registered Rs 18.89 crore profit for the fourth quarter ended March 31 against Rs 5.05 crore it logged in the corresponding quarter last year.
However, the company turnover was down 16 per cent for the fourth quarter at Rs 251 crore due to demerger of the explosives division.
For the year ended March 31, the company closed with a turnover of Rs 1,001 crore and a net profit of Rs 54 crore.
The Board recommended a dividend of Rs 2 (that is 100 per cent) per share.
Pursuant to the scheme of arrangement, the explosives business of the company excluding detonators and explosives accessories in Hyderabad was demerged and transferred to a wholly-owned subsidiary, IDL Explosives Ltd, effective October 1, 2010.
The lubricants division achieved a gross turnover of Rs 681 crore compared with Rs 564 crore for previous year. The mining business registered lower revenues of Rs 129 crore against previous year's Rs 196 crore due to delays in a coal mining project in Orissa.
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