Press Release
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Highlights for Cumulative Q3 -
Total Income higher by 26% to Rs. 748 crores
( Rs. 593 crores ) -
Profit affected due to Exchange loss of Rs.
17.29 crores. |
Mumbai, January 27, 2009: GULF OIL Corporation, a Hinduja Group Company, has reported a 18% increase in income in Q3. Profit After Tax for Q3 was negative Rs. 5.58 crores on account of provision for exchange fluctuation of Rs. 6.03 crores and interest charges.
For the nine months period ended on 31st December 2008, the turnover increased by 26% to Rs. 748 crores and Profit after Tax was Rs. 1.78 crores after provision for exchange fluctuation of Rs. 17.29 crores.
Division wise performance and highlights are as under:
During the Q3, the Lubricants Division achieved a gross turnover of Rs. 104 crores as compared to Rs. 108 Crores in the corresponding quarter of the previous year. For the 9 months ended 31st December’08, gross turnover was Rs. 364 crores compared to Rs. 285 Crores in corresponding 9 months of the previous year.
The automotive sector witnessed a
downturn during the quarter, in addition lower movement of commercial vehicles
resulted in reduced demand for lubricants. This impacted volume across the
industry and the Division’s volumes degrew by 13% in automotive segment
vis-ŕ-vis last year. The Division focused on promoting new
The Division continued its drive to increase sales and market share in the bazaar market. The division launched new initiatives to strengthen it’s presence in the transport markets across key locations with campaigns to generate product awareness and usage.
The annual event of Gulf Cup – Dirt Track Championship was held across locations with the finals at Nashik. These events were covered across media channels besides attracting large audiences at track sides.
EXPLOSIVES DIVISION
Explosives Division reported sales
of Rs. 65 Crores. ( Rs. 45 Crores last
year ). This robust 44% sales growth was mainly on account of growth in both
Domestic and Export sectors.
The Division received a new Contract from Coal
Exports were strengthened with new orders from South East Asia, Eastern
Europe and
Consult Division reported a 37% growth in revenue - Rs. 51 Crores. ( Rs. 37 Cr last year ), based on activity in long term contracts for service in coal and iron ore sectors.
This quarter includes activities from the newly started Nigahi mine of NCL
(a subsidiary of Coal India Ltd) in addition to the Dudhichua mine in the
same region. The earlier project undertaken at Manuguru of Singareni
Collieries Co. Ltd., in Andhra Pradesh was successfully completed during the
quarter.
The Division’s operation in iron ore mines at Barbil region and Karnataka region was continuing but at a slower pace. The Division also started its first Manganese ore mining work of the Adhunik Group in the Barbil region after completed the mine development work.
The mine infrastructure work at
Utkal Alumina Ltd is progressing well after a
good start in the last quarter.
The current order book stands at Rs. 450 Crores for the Division.
The market conditions in APIs were difficult due to the mismatch in the cost of raw material versus finished product price. Operations were restricted and were focused on profitable product lines. Sales stood at Rs. 7 Crores ( Rs. 11 Crores last year ).
The Division’s business is under restructuring.
PROPERTY DEVELOPMENT
The Company has received necessary approval from the Karnataka Government
for setting up of an IT SEZ on 30 acres 40 acres plot situated at Yelahanka,
Regarding the property
development plans for a
For further information please
visit www.gulfoilcorp.com or contact:
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Mr. Aalok Shrivastava,
General Manager, Gulf Oil Corporation Limited, Mr. R. Varadarajan, Vice
President, Lubricants Division, GULF OIL Corporation Ltd., at 022-28248240,
56989900, 9819338850 Mr. Jayaram Ramanathan, Vice
President (Corporate Communications & PR), Hinduja Group at 022-28248359
– Extn. 232, Ms.Devdatta Mulchandani –
Clea Public Relations, 9444076909 |