Guj Gas announces higher Q3 profit at Rs 1.82 cr

Mumbai, Feb 24 (UNI) Gujarat Gas Company Ltd has posted a profit after tax of Rs 1.82 crore for the third quarter ended December 31, 2006, as compared to Rs 1.09 crore for the quarter ended December 31, 2005.

The company's Total Income (net of excise) has increased from Rs 16.38 crore for the quarter ended December 31, 2005, to Rs 23.71 crore for the quarter ended December 31, 2006.

Speaking on the occasion, Gujarat Gas Ltd Managing Director B S Shantharaju said ''Our initiatives of focusing on growing the retail business and investing in the infrastructure over the last two years have started yielding desired results. This year, we contracted for additional gas from the Panna, Mukta and Tapti consortium and we are confident that the investment in infrastructure and additional volume will sustain the growth momentum. This is corroborated by the fact that in the first week of January, we have achieved the sales of 4.0 million cubic meters in a single day.'' UNI