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Gulf Oil's net up over three-fold to Rs 26.74 cr in Q4

Mumbai, June 26, 2009

Hinduja Group firm Gulf Oil Corporation Ltd on Thursday announced a standalone net profit of Rs 26.74 crore in the fourth quarter ended March 31, 2009, up more than three-fold over the corresponding period a year ago.

The company had a net profit of Rs 8.06 crore during the same quarter last year, Gulf Oil Corporation said in a filing with the Bombay Stock Exchange.

Standalone total income increased to Rs 266.25 crore in the quarter under review from Rs 221.38 crore in the same period previous year.

For the year ended March 31, 2009, the standalone net profit of the company rose to Rs 28.04 crore from Rs 25.13 crore in the previous year.

The standalone total income of the company jumped up to Rs 922.80 crore in the year under review from Rs 753.16 crore during the previous fiscal.

For the year ended March 31, 2009, the consolidated net profit of the company dropped to Rs 11.62 crore from Rs 35.92 crore in the previous year.

The consolidated total income of the company rose to Rs 72.70 crore in the year under review from Rs 49.59 crore during the previous fiscal.

The board of directors recommended a dividend of Rs 1.70 per share for 2008-09, it said.

The board has further decided to issue equity shares of Rs 2 each at a premium of Rs 30 per share in the ratio of one share for every three shares held by the existing shareholders of the company, it said.

Shares of the company closed at Rs 55.15, down 3.08 per cent from the previous close on the BSE.    

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