GAIL annual profit up marginally, Q4 zooms to 67 pc

New Delhi, May 9 (UNI) The profit of Gas Authority of India Ltd (GAIL) for the financial year 2006-07 went up marginally to Rs 2,387 crore from Rs 2,310 crore in the previous year, while its Q4 net profit sky-rocketed to 67 per cent due to an overall increase in the natural gas business, polymer sales and LPG transmission.

Turnover in 2006-07 went up 11 per cent to Rs 16,047 crore from Rs 14,459 crore in the previous year, GAIL Chairman and Managing Director U D Chaubey told reporters.

The company's net profit during the last ten years has shown a compounded annual growth rate of 14 per cent.

Mr Chaubey said the PAT of Rs 2,387 crore was achieved despite 40 per cent increase in subsidy sharing in domestic LPG and PDS kerosene from Rs 1,064 crore in 2005-06 to Rs 1,488 crore in 2006-07 and increased cost of operations owing to floods, higher cost of natural gas as feedstock for processing plants and fuel for compressors.

He said without the subsidy element, the PBT would have risen by 33 per cent to Rs 4,348 crore and PAT by 49 per cent to Rs 3,444 crore.

The increase in turnover was achieved despite the fact that gas supply was affected for about one month in the second quarter during 2006-07 due to floods in Hazira, Gujarat.

UNI