Gulf Oil net up 6%

Hinduja Group company Gulf Oil Corporation Ltd posted a 6.17 per cent rise in net profit at Rs 18.35 crore during the fourth quarter (Q4) of the fiscal 2013-14, as against a net of Rs 17.28 crore for the corresponding period previous fiscal.Total income from operations was up 2.63 per cent at Rs 272.30 crore, compared with Rs 265.30 crore during the same period last fiscal.

Finance costs decline 72.71 per cent at Rs 1.89 crore, as against Rs 6.93 crore last year. Other income was down 18.28 per cent at Rs 7.87 crore from Rs 9.63 crore.

For the full year, the company's net profit rose 10 per cent at Rs 58.33 crore as against a net of Rs 52.98 crore in 2012-13 fiscal.

"Demand conditions for lubricants continued to be subdued in Q4 impacted by lower goods movement, slowdown in mining, infrastructure and poor industrial growth factors," the company said in a release today.

It also said production and sales of detonators decreased during the quarter due to sluggish demand in the mining sector and a weak export demand on account of stringent rules introduced by the Centre on the usage of ammonium nitrate.