Gail profit plummets due to lower LNG offtake

Gail profit plummets due to lower LNG offtake

Gail of India posted a net profit for the third quarter of the FY 2014-15 of Rs 604 crores as against Rs. 1,679 crores in the corresponding period of the previous year.

The profit during the quarter was impacted mainly due to the lower offtake of long-term contracted LNG by power and fertilizer plants, reduction in domestic gas availability by over 5 MMSCMD and higher feedstock cost for petrochemicals, the company said in a statement.

The company’s net profit after tax for the first nine months of the FY 2014-15 was Rs. 2,528 crores as against Rs. 3,403 crores in the corresponding period previous year.

1 Indian rupee = 0.01616 USD

Image: Gail

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