You are here: Home » PTI Stories » National » News
Business Standard

GSPC posts Rs 374 cr profit for Apr-Sept period

Press Trust of India  |  New Delhi 

State Petroleum Corp (GSPC) today reported a net profit of Rs 374.03 crore in the first half of current fiscal as compared to a loss of Rs 369.55 crore in the same period a year ago.

"For the first half of previous year that ended on September 30, 2015, the company had reported a net loss of Rs 369.55 crores largely due to exceptional items such as writing off of exploration costs," GSPC said in a statement.



GSPC is an unlisted company and does not give out quarterly numbers.

During April-September, it traded 10.61 per cent higher gas at 85.31 million British thermal units. However, the company's revenues from gas trading amounted to Rs 4,395.32 crores as against Rs 5,181.67 crores in H1 of previous year, recording a decrease of 15.18 per cent.

"The decrease in these revenues was mainly on account of falling crude prices in the international market leading to corresponding fall in international gas prices," it said.

During the first half of previous year, GSPC had written off exploration costs of Rs 605.17 crores on unsuccessful while in the current year it wrote off exploration costs of only Rs 33.01 crores.

"On the exploration and production side, the company has already set up production facilities in its KG Block's Deen Dayal West Field and also successfully carried out Hydrofracturing 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," GSPC said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

GSPC posts Rs 374 cr profit for Apr-Sept period

Gujarat State Petroleum Corp (GSPC) today reported a net profit of Rs 374.03 crore in the first half of current fiscal as compared to a loss of Rs 369.55 crore in the same period a year ago. "For the first half of previous year that ended on September 30, 2015, the company had reported a net loss of Rs 369.55 crores largely due to exceptional items such as writing off of exploration costs," GSPC said in a statement. GSPC is an unlisted company and does not give out quarterly numbers. During April-September, it traded 10.61 per cent higher gas at 85.31 million British thermal units. However, the company's revenues from gas trading amounted to Rs 4,395.32 crores as against Rs 5,181.67 crores in H1 of previous year, recording a decrease of 15.18 per cent. "The decrease in these revenues was mainly on account of falling crude prices in the international market leading to corresponding fall in international gas prices," it said. During the first half of previous ... State Petroleum Corp (GSPC) today reported a net profit of Rs 374.03 crore in the first half of current fiscal as compared to a loss of Rs 369.55 crore in the same period a year ago.

"For the first half of previous year that ended on September 30, 2015, the company had reported a net loss of Rs 369.55 crores largely due to exceptional items such as writing off of exploration costs," GSPC said in a statement.

GSPC is an unlisted company and does not give out quarterly numbers.

During April-September, it traded 10.61 per cent higher gas at 85.31 million British thermal units. However, the company's revenues from gas trading amounted to Rs 4,395.32 crores as against Rs 5,181.67 crores in H1 of previous year, recording a decrease of 15.18 per cent.

"The decrease in these revenues was mainly on account of falling crude prices in the international market leading to corresponding fall in international gas prices," it said.

During the first half of previous year, GSPC had written off exploration costs of Rs 605.17 crores on unsuccessful while in the current year it wrote off exploration costs of only Rs 33.01 crores.

"On the exploration and production side, the company has already set up production facilities in its KG Block's Deen Dayal West Field and also successfully carried out Hydrofracturing 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," GSPC said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

GSPC posts Rs 374 cr profit for Apr-Sept period

State Petroleum Corp (GSPC) today reported a net profit of Rs 374.03 crore in the first half of current fiscal as compared to a loss of Rs 369.55 crore in the same period a year ago.

"For the first half of previous year that ended on September 30, 2015, the company had reported a net loss of Rs 369.55 crores largely due to exceptional items such as writing off of exploration costs," GSPC said in a statement.

GSPC is an unlisted company and does not give out quarterly numbers.

During April-September, it traded 10.61 per cent higher gas at 85.31 million British thermal units. However, the company's revenues from gas trading amounted to Rs 4,395.32 crores as against Rs 5,181.67 crores in H1 of previous year, recording a decrease of 15.18 per cent.

"The decrease in these revenues was mainly on account of falling crude prices in the international market leading to corresponding fall in international gas prices," it said.

During the first half of previous year, GSPC had written off exploration costs of Rs 605.17 crores on unsuccessful while in the current year it wrote off exploration costs of only Rs 33.01 crores.

"On the exploration and production side, the company has already set up production facilities in its KG Block's Deen Dayal West Field and also successfully carried out Hydrofracturing 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," GSPC said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard