India’s GAIL reports 66% drop in Q3 net profit
The company’s weaker financial results in three months ending in September were attributed to lower sales in the petrochemical and hydrocarbon segments as well as higher costs. GAIL’s petrochemicals sales fell 38% while revenues from liquid petroleum gas and liquid hydrocarbons declined 56%. The company’s total costs for the quarter, meanwhile, increased 11% to reach INR136.43 billion ($2.08 billion) while finance expenses also jumped 78% in the same period.
GAIL also reported that it plans to invest about $440 million over the next three years for expansion works. As part of these plans, India’s state-owned Hindustan Petroleum Corp Ltd (HPCL) and GAIL are jointly considering building a new petrochemical plant in Andhra Pradesh, India.
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