GAIL’s shares were down more than 6.6% on Tuesday, local media reported, as quarterly profits declined by 69% to INR 2.6 billion (USD 40.3 million) year-on-year even though key business segments reported growth and overall performance remained in the black. The company’s profit after tax for the full year was up 57%, at INR 35 billion (USD 542 million).
“The company registered growth in physical performance in FY 2016-17 in all segments on year-on-year basis,” GAIL said in a press release. “Sale of Petrochemicals was up by 73%, Natural Gas Marketing & Transmission volumes rose by 10% & 9% respectively, LPG Transmission volume was up by 19% while Liquid Hydrocarbon Sales went up by 2%.”
Fourth-quarter results were impacted by an INR 7.83-billion (USD 121-million) investment loss in Ratnagiri Gas and Power, a JV with energy conglomerate NTPC, which according to a report in the Financial Express newspaper “has initiated the process of the demerger of its business into two separate companies.”
GAIL has reportedly invested INR 9.74 billion (USD 151 million) in the JV and holds a 25.51% stake in it.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.