Gulf Oil shows smart jump in profit from operations

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SummaryThe company had earned Rs 9.12 crore profit from its operations in July-September quarter of 2011-12, Gulf Oil said in a statement.

Hinduja Group firm Gulf Oil Corporation today reported 73 per cent jump in profit from operations to Rs 15.78 crore for the second quarter of the current fiscal,helped by robust performance by its lubricants division.

The company had earned Rs 9.12 crore profit from its operations in July-September quarter of 2011-12, Gulf Oil said in a statement.

However, profit-after-tax (PAT) stood at Rs 10.59 crore for the second quarter of the current fiscal against Rs 13.02 crore in the corresponding period last year. For the first quarter of the current fiscal (2012-13), the company's PAT was at Rs 10.07 crore.

Its total income increased to Rs 243.33 crore during the quarter ended September 30, 2012 from Rs 228 crore in the year-ago period.

Gulf Oil's lubricants division has posted robust sales during the quarter, while sales from explosives and mining segments declined.

The lubricants division's gross turnover rose by 12 per cent to Rs 220 crore.

"The profitability levels improved due to effective margin management and appreciation of rupee against the dollar towards the end of the quarter," the company said.

The explosives division's sales declined to Rs 19 crore during the period under review from Rs 25 crore a year ago.

Its sales from mining division fell to Rs 4.55 crore from Rs 7.04 crore.

Yesterday, Gulf Oil had announced acquisition of US-based speciality chemicals maker Houghton International Inc for USD 1.05 billion (about Rs 5,670 crore).

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