at Rs 409 crore.
New Delhi: State-owned gas utility GAIL(India) Ltd on Saturday reported a 22 per cent dip in its net profit at Rs 409 crore to fourth quarter ended March 31 on having to payout Rs 538 crore towards subsidizing LPG and kerosene.
According to company statement profits dipped down by 22 per cent to Rs 409 crore as against Rs 524 crore in the corresponding period of the previous fiscal year.
This sharp fall in the profits comes as a shock as the sales rose by 11 per cent to Rs 3,660 crore when compared with Rs 3,285 crore in the same period last fiscal year.
The Board of Directors of the company recommended payment of final dividend at the rate of 20 per cent (Rs 2 per share).
Earlier, the company had declared an interim dividend of 60 per cent (Rs 6 per share) and special interim dividend of 20 per cent (Rs 2 per cent).
GAIL profits jumped 18 per cent to Rs 2,310 crore in 2005-06 fiscal despite paying out Rs 1064 crore towards subsidising domestic LPG and kerosene.
“This increase of the profits has been achieved despite the fact that gas price for internal consumption has gone up from Rs 2,850 to Rs 6,740 per thousand standard cubic meters with effect from July 1, 2005,” the company release said.
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