Gujarat Gas Company’s Jan-March Consolidated Net Profit slips by 10%

27 Apr 2012

Gujarat Gas Company (GGCL), a unit of BG Group PLC, has reported results for the quarter ended March 31, 2012.

The Company’s net profit slipped by 9.94% at Rs 65.17 crore for the quarter ended March 31, 2012 as compared to Rs 72.36 crore for the quarter ended March 31, 2011. Its total income has increased by 39.70% to Rs 752.29 crore for the quarter ended March 31, 2012 from Rs. 538.50 crore for the quarter ended March 31, 2011.

On consolidated basis, the Group has posted a fall of 9.89% in its net profit after taxes and minority interest at Rs 64.95 crore for the quarter ended March 31, 2012 as compared to Rs 72.08 crore for the quarter ended March 31, 2011. Its total income has increased by 39.72% to Rs 753.47 crore for the quarter ended March 31, 2012 from Rs 539.26 crore for the quarter ended March 31, 2011.

The profit of the company has been dragged by a 57% increase in raw material costs. The price of LNG, which is linked to benchmark Brent crude prices, in the spot market has risen due to strong demand for the supercooled fuel from the expanding Asian economies.

The increase in gas prices and the weakening of the Indian rupee continues to impact the landed cost of gas, the company said in a statement.  Gujarat Gas said it is working on a long-term strategy to optimize its gas sourcing portfolio and increase focus on securing high-value market segments in the wake of rising gas costs.

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