State-promoted Gujarat State Petroleum Corporation Limited (GSPC), on Wednesday, reported a Profit After Tax (PAT) of Rs. 374.03 crores for the first half of 2016-17, ended September 30, 2016.

For the corresponding first half of the previous financial year, the company had reported a net loss (after tax) of Rs. 369.55 crores, largely due to “exceptional items such as writing off of exploration costs”, according to a statement here.

The company has also adopted and complied with the requirements of Indian Accounting Standards considering April 1, 2015 as the transition date.

During the first half this fiscal, the volumes of gas traded increased by 8.18 million British thermal units (MMBTU), an increase by 10.61% in gas quantity traded. But its revenues amounted to Rs. 4,395.32 crores as against Rs. 5181.67 crores, a decrease of 15.18% as compared to the same period in the last fiscal, mainly on account of falling crude prices in the international market that led to corresponding fall in international gas prices.

During the first half of 2015-16, the company had written off exploration costs of Rs. 605.17 crores, while this year it wrote off only Rs. 33.01 crores under this head.

On the exploration and production (E&P) side, the company has already set up production facilities in its K-G Block’s Deen Dayal West Field and also successfully carried out hydro-fracturing activities in its DDW-D4 Well. The company expects that this will add significant value to its future development wells and boost the company’s E&P income.

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