Gujarat Gas third quarter net up 7.7% at Rs 19.5 cr

Despite a reduction in income from operations for the third quarter ended September 30, 2004, compared with the same period last year, Gujarat Gas Company Ltd has registered a 7.7 per cent rise in net profit for the quarter ended September 30, 2004.

Consolidated income from operations during the quarter stood at Rs 163.10 crore, compared with Rs 180.40 crore for the corresponding period last year. The net profit for the quarter ended September 30, 2004 stood at Rs 19.5 crore, up 7.7 per cent from a net profit of Rs 18.1 crore.

The volume of gas sold during the third quarter ended September 30, 2004, was 175.6 million metric standard cubic metres (MMSCM) compared with 199 MMSCM in the corresponding quarter last year. A company statement said that the reduction in volumes are mainly because of supply shortage.

For the first nine months of the current year, the consolidated income from operations is Rs 491.5 crore, lower than income of Rs 531.3 crore for the corresponding period last year.

The net profit in the first nine months of the current year is 5.9 per cent lower at Rs 54.5 crore compared with Rs 57.9 crore during the same period last year.

During the quarter under review, GGCL commissioned two new CNG stations and three more will be commissioned in the current quarter. B S Shantharaju, MD, GGCL, said - "In spite of the gas supply shortages during the quarter, GGCL with its strategy of multiple sourcing, continues to fulfill the demand of retail customers to a large extent."

GGCL is a subsidiary of the BG group, has expertise in distributing gas to bulk users, industrial, commercial and domestic users.