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News Brief | January 2017

GSPC posts net profit of Rs.374 crore for H1 of FY17

State-owned Gujarat State Petroleum Corporation Limited (GSPC) stated that it has reported a profit after tax (PAT) of Rs.374.03 crore for the first half of 2016-17, ended September 30. As against this, the company had reported a loss of Rs.369.55 crore in the corresponding period a year ago, on the back of ´exceptional items such as writing off of exploration costs´. GSPC, which adopted and complied with the requirements of Indian Accounting Standards considering April 1, 2015 as the transition date, saw its gas trading volumes increase by 10.61 per cent for H1 of FY´17. However, the company´s revenues from gas trading amounted to Rs.4,395.32 crore for first half of the current fiscal, down from Rs.5181.67 crore for the said period last year, registering a fall of 15.18 per cent.
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