The Hindu Business Line : Gujarat Gas net down 8.45 pc

GUJARAT Gas Company Ltd (GGCL) has posted a net profit of Rs 54.07 crore for the fiscal ended December 31, 2002, on an income from operations that stood at Rs 444.79 crore.

While the net profit reflected a downward slide of 8.45 per cent from Rs 59.06 crore in the previous year, the gas utility company registered a 22.72 per cent rise in its income during the year from Rs 362.44 crore in 2001. The board of directors at a meeting held here declared a 100 per cent dividend of Rs 10 per share. This was against a 325 per cent dividend declared by the company last year, comprising a 225 per cent `one-time special dividend'.

Speaking on the occasion, Mr B.S. Shantharaju, who took charge as the Managing Director recently, said, "The company performed well in 2002 despite the increase in the cost of gas. We are well-placed to meet the challenges of a competitive market place and aim to grow sales and transportation volume in 2003".

The cost of gas purchased by GGCL during the year stood at Rs 318 crore, a sharp rise from Rs 239 crore in the previous year. However, there was also a 660-lakh cubic metre rise in the gas sold by the company, at 4,799 lakh cubic metres in 2002 against 4,139 lakh cubic metres sold in 2001. As the gap between gas purchased and sold by GGCL is negligible, the average cost of gas procured by the company during the year reflected a cost escalation of 92 paise per cubic metre, from Rs 5.70 per cubic metre in 2001 to Rs 6.62 per cubic metre in 2002.

GGCL, the largest private sector gas distribution company in the country with a 1.45-lakh customer base, saw its gas transportation business during the year move to 2,938 lakh cubic metres from 279 lakh cubic metres mainly from the Lakshmi gas fields of Cairns Energy in November last, supported by the newly-laid Ankleshwar-Jhagadia pipeline.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Gujarat Gas net down 8.45 pc