Date:31/07/2004 URL: http://www.thehindubusinessline.com/2004/07/31/stories/2004073101450200.htm

Back GAIL net down 7%

Our Bureau

New Delhi , July 30

GAIL (India) Ltd has recorded a net profit of Rs 338.9 crore for the first quarter of the current fiscal ended June 30, down 7.15 per cent over the 365.93 crore recorded during the corresponding period last year.

The drop in profitability is due to the Rs 226 crore outgo on LPG and kerosene subsidy that is being paid to the oil marketing companies on the directions of the Government.

GAIL recorded revenues of Rs 3,242.56 crore during the first quarter of the current fiscal, up 10.9 per cent over the Rs 2,923.18 crore recorded during April-June 2003.