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