GAIL Q1 net up 11% to Rs 985 cr

Gas Authority of India Ltd (GAIL) has registered a net profit of Rs 985 crore in the first quarter ended June, 2011 — an increase of 11% from Rs 886.88 crore in the same quarter a year ago.

Net sales for the quarter were posted at Rs 8,867 crore. The rising fuel prices has led to an increase of oil subsidy burden by 53% to Rs 682 crore from Rs 445 crore in the corresponding quarter a year ago.

The shares of the firm were trading lower by 1.07% at Rs 455.55 on the Bombay Stock Exchange after the results announcement.