Lower petrochemical sales affect GAIL's performance this quarter

Gail has shown a dull performance in the December 2007 quarter, mainly due to lower petrochemical sales following a plant shutdown. However, GAIL was able to offset the high subsidy burden on improved yoy profit in the LPG and liquid hydrocarbon division and a tight check on operating costs. The subsidy burden was Rs 367.5 crore in the last quarter compared with Rs 315 crore a year earlier. GAIL's operating profit grew 0.9% yoy to Rs 872.3 crore in the last quarter, while net sales fell 1.8% to Rs 4298.3 crore. Production in the petrochemicals division stood at 77,000 tons in Q3-08 compared with 94,000 tons in the previous year.
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