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India’s GAIL reports 180% hike in Q2 net profit

by ChemOrbis Editorial Team - content@chemorbis.com
  • 16/11/2016 (14:12)
According to media reports, India’s state-owned GAIL’s net profit surged 180% in the second quarter (July-September period) to INR9.25 billion ($137 million) from INR3.30 billion in the same period of 2015, falling below analysts’ forecasts, which called for a net profit of INR9.50 billion.

The company’s stronger financial results in the three months ending in September were attributed to a sharp increase in petrochemical margins and rise in liquid hydrocarbon sales as well as an advance in gas marketing and transmission volumes. GAIL’s petrochemicals sales climbed 61% from a year earlier while revenues from the petrochemical business rose by 53% to INR13.58 billion in fiscal Q2. However, the company’s profits were reported at INR1.04 billion in the July-September period when compared to INR3.64 billion in the same quarter of last year.

GAIL also reported that the company plans to invest around $440 million in the next three years for expansion works and to establish a 15 million tons petrochemical plant with a state-owned company in Southern India. It also plans to increase its LNG import capacity to 50 million tons/year.
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