GAIL Q3 net dips 7%

CORPORATE SCORECARD

GAIL (India), the country's largest transporter and marketer of natural gas, posted a 6.6 per cent decline in net profit for the third quarter ended December 31, 2007, to Rs 621 crore as against Rs 665 crore in the corresponding quarter last financial year due to increased subsidy burden and corporate tax, according to the company's statement.

Total revenue was down 1.75 per cent to Rs 4,483 crore from Rs 4,563 crore last year.

"The LPG subsidy during the period increased by more than Rs 52 crore to Rs 367.5 crore from Rs 315 crore in the 2006 quarter," it said.

Besides, revenue from its flagship gas trading business was down to Rs 3,112 crore, as against Rs 3,149 crore last year, while gas transmission revenue was down to Rs 602 crore compared with Rs 641 crore last year. Revenue from the petrochemical business was down to Rs 538 crore from Rs 624 crore.

Revenue from the LPG and liquid hydrocarbons business was also down to Rs 528 crore during the quarter, as against Rs 594 crore in the corresponding period last year.

For the nine-month period ended December 31, 2007, the company posted a 10 per cent increase in net profit to Rs 1,879 crore, while net sales were up 7.4 per cent to Rs 13,073 crore. GAIL has declared a 40 per cent interim dividend for FY08.