By IANS
New Delhi : The state-run Gas Authority of India Ltd. (GAIL) Friday posted a net profit of Rs.6.85 billion in the first quarter of 2007-08 as against Rs.5.92 billion last year, an increase of 16 percent.
The company's turnover increased to Rs.42.46 billion compared to Rs.40.78 billion in the first quarter of 2006-07, said a company statement.
Revenues from its petrochemicals business surged by 41 percent to Rs.7.78 billion during the first quarter from Rs.5.50 billion in the corresponding period last year.
Increase in the revenues have been possible due to higher per unit realisation from petrochemicals, the increase in production of petrochemicals by 29 per cent and increase in LPG transmission by 19 percent during the quarter, the company said.
During the period, GAIL has shared Rs.2.72 billion towards LPG and kerosene subsidy as compared to a provisional subsidy of Rs.2.50 billion the previous year.