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    Gail's Profit Rises on Gas Trading

Summary

State-owned Gail’s net profit for April-June was rupees 12.59bn ($180mn).

by: Shardul Sharma

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Natural Gas News, Asia/Oceania, Security of Supply, Corporate, Financials, News By Country, India

Gail's Profit Rises on Gas Trading

India’s biggest gas marketing firm Gail registered a 23% year on year growth in net profit for the quarter that ended June 30 2018 (Gail's fiscal 1Q 2019), it said August 10.

State-owned Gail’s net profit for that period was rupees 12.59bn ($180mn) compared with rupees 10.26bn in corresponding quarter of previous year. The increase in profit was mainly due to better performance of company’s gas trading and petrochemicals businesses, it said. The company’s sales for the quarter were rupees 172.62bn compared with rupees 115.4bn in the prior-year quarter, an increase of 50%.