India’s GAIL reports financial results for Q3
by ChemOrbis Editorial Team - content@chemorbis.com
According to market sources, India’s GAIL posted a net profit of INR9.83 billion ($150 million) in the third quarter of its fiscal 2016-2017 (October-December), up 45.4% on a yearly basis.
The increase was attributed to the increase in gas marketing, transmission volume and liquid hydrocarbon sales by 3%, 2% and 4% respectively.
GAIL’s sales in petrochemical business also climbed by 8% year-on-year. As a result, the company’s profits stood at INR1.3 billion ($19.5 million) in Q3 when compared to a loss of INR1.6 billion ($24 million) from a year earlier.
The increase was attributed to the increase in gas marketing, transmission volume and liquid hydrocarbon sales by 3%, 2% and 4% respectively.
GAIL’s sales in petrochemical business also climbed by 8% year-on-year. As a result, the company’s profits stood at INR1.3 billion ($19.5 million) in Q3 when compared to a loss of INR1.6 billion ($24 million) from a year earlier.
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