Gulf Oil Dec quarter net profit up 15%, plans to demerge lubricants biz

Written by PTI | New Delhi | Updated: Feb 9 2013, 08:19am hrs
Hinduja Group firm Gulf Oil Corp today reported a 15 per cent rise in December quarter net profit and said it plans to demerge its lubricants business into a separate listed company.

Gulf Oil reported a net profit of Rs 15.03 crore in October-December as against Rs 13.09 crore in the same period a year ago, the company said in filings to the stock exchange.

Total income grew 2.45 per cent to Rs 247.96 crore while expenses were marginally higher at Rs 232.95 crore as against Rs 230.10 crore in the same quarter last fiscal.

"The Board of Directors of Gulf Oil Corporation Ltd has discussed about restructuring of the various businesses of the company including demerger of the lubricants business into a separate listed company and authorised the Committee of Directors to consider the matter in detail and make necessary recommendations," it said.

The company had in December last year completed acquisition of 100 per cent stake in US-based Houghton International Inc, a global player in metal working fluids, for USD 1.045 billion.

Regarding the February 2012's announcement of sale of shares In IDL Explosives Ltd, a wholly owned subsidiary of the company, Gulf Oil said "the company has not yet disposed off the shares pending further consideration of the same."