Gujarat Gas Q3 net down 24 pc to Rs 18.55 crore

Mumbai, Oct 31 (UNI) Gujarat Gas Company has posted a profit after tax of Rs 18.55 crore for the quarter ended September 30, 2006 as compared to Rs 24.44 crore for the quarter ended September 30, 2005, a fall of 24.09 per cent.

Announcing the results, the company said its total income (net of excise) has increased from Rs 160.48 crore for the quarter ended September 30, 2005 to Rs 207.64 crore for the quarter ended September 30, 2006.

As per the consolidated results, the group has posted a profit attributable to group of Rs 21.36 crore for the quarter ended September 30, 2006 as compared to Rs 23.91 crore for the quarter ended September 30, 2005. Total income (net of excise) has increased from Rs 196.81 crore for the quarter ended September 30, 2005 to Rs 238.64 crore for the quarter ended September 30, 2006.

Speaking on the occasion of the results, Mr B S Shantharaju, Managing Director said, ''This quarter was a very challenging one. In the month of August when almost the entire city of Surat was submerged, Gujarat Gas employees displayed extra determination and ensured continuous supplies to our customers. This was possible due to the pipeline infrastructure designed with appropriate inter linking, the support of the local administration and our multiple sourced gas supply portfolio. The business continues to perform in line with our expectation of retail volume growing at more than 20 per cent.'' During the quarter, the company entered into an agreement to purchase 16.5 lakh scmd of gas commencing from the third quarter of 2007. ''This will ensure that we sustain the growth momentum going forward,'' he added.

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