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GAIL posts 23 percent drop in Q2 net profit

Posted on Aug 11 2014 | IANS

New Delhi, Aug 11 : State-run gas utility GAIL India (GAIL) Monday posted a 23 percent fall net profit in the second quarter ending June at Rs.621 crore as compared to Rs.808 crore for the quarter ended June 30, 2013.

The company's total income has increased a modest 3.6 percent from Rs.12,957.48 crore for the quarter ended June 30, 2013 to Rs.13,544.66 crore for the quarter ended June 30, 2014.

GAIL had to share under-recoveries, or losses from selling below cost, to the tune of Rs.500 crore during the quarter.

The company registered improvement in its gas transmission volumes in the quarter at 96.91 million standard cubic meter per day (mscmd) from 99.32 mscmd in the quarter ending June 2013 quarter

GAIL stock closed Monday at Rs.390.15 a share, down 17.70 points, or 4.34 percent, over its previous close on the Bombay Stock Exchange (BSE).

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