Gulf Oil Corporation Ltd has posted a net profit of ₹18.32 crore for the third quarter ended December 31, 2013, against ₹15.03 crore for the corresponding quarter last year.
The company's income from operations was up at ₹265.41 crore (₹258.48 crore).
For the nine months ended December 31, 2013, the company logged a net profit of ₹39.98 crore (₹35.98 crore) and income of ₹785.57 crore (₹776.34 crore).
The company lubricants division registered a turnover of ₹215 crore (₹213 crore) in spite of the industry witnessing negative volume growth this year so far impacted by the automotive industry.
The explosives division, which manufactures detonators and accessories, achieved sales of ₹16.51 crore (₹16.89 crore last year). The company has scaled down operations of the mining and infrastructure division for want of various government and regulatory clearances in the non-coal sectors.
Work on the ₹1,800-crore project ‘Ecopolis’ at Yelahanka in Bangalore, in association with Hinduja Realty Ventures Ltd, is progressing as per plan. The Hyderabad project is still facing uncertainty due to restructuring issues of the State of Andhra Pradesh.
During the quarter, the company has fully divested its three subsidiaries based in China, Indonesia and Bangladesh at ₹54.93 crore. However, the Company retains the UK subsidiary, which holds 10 per cent stake in Houghton International Inc., USA.
The company (GOCL) has demerged the lubricants division into Gulf Oil Lubricants India Ltd (GOLIL), a wholly-owned subsidiary. The shares of GOLIL will be listed on BSE and NSE after completion of the necessary legal formalities.