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| Edited By: dna Correspondent |Source: DNA |Updated: Mar 18, 2018, 05:27 AM IST
BG India promoted, Gujarat Gas Co Ltd has posted 10% fall in its first quarter net profit for 2012. Company on Thursday announced consolidated results for quarter ended on March 31, 2012 where net profit of the company stood at Rs64.95 crore, down Rs7.12 crore from Rs72.07 crore in corresponding period last year.
Hike in gas prices and appreciation in rupee are seen as reasons for 10% fall in profits of Gujarat Gas last quarter. According to the company, LNG cost around $9 million British thermal unit (MBTU) in first quarter of 2011 has increased to around $18-$19 MBTU by quarter ended March 31.
Total income of the company, meanwhile, has increased by around 40% in March 31, 2012 quarter. Income has increased to Rs753.47 crore for the quarter up from Rs539.26 crore in corresponding period last year. CNG segment registered an impressive growth with 13% increase in volumes over same period last year. Over 7,757 vehicles were converted to CNG during the quarter.
“Company continues to consolidate its long term strategy to optimise its gas sourcing portfolio while increasing focus on securing high-value market segments in backdrop of increasing gas costs. This has brought change in the mix of customers,” said Shaleen Sharma, managing director of Gujarat Gas in a statement.
“The company expects to receive authorisation from Petroleum and Natural Gas Regulatory Board (PNGRB) shortly. Tariff application will be filed considering expected growth potential, following the authorisation,” he added.
Gujarat Gas also announced that company signed asset exchange agreement with GSPC Gas. Pursuant to this agreement, Gujarat Gas will withdraw its authorisation application with PNGRB for its gas distribution network in Valsad and Navsari districts in South Gujarat and union territories of Daman and Silvassa. GSPC Gas will withdraw its authorisation application with PNGRB for certain areas in Bharuch district (excluding Dahej and its surrounding areas in Vagra Taluka).
The company also will transfer it's gas distribution assets in Vapi to GSPC Gas in exchange for GSPC Gas's CNG assets in Bharuch district on an 'as is' basis. GSPC Gas will also pay an independently determined amount to Gujarat Gas as net consideration. The above agreement will consolidate distribution operations of Gujarat Gas in Bharuch district.
