Tuesday, June 16, 2009

GAIL sees FY10 profit rising 7 per cent

State-run gas transportation firm GAIL India expects a profit of more than Rs 3000 crore ($626 million) in 2009/10, a senior official said on Monday, 7 per cent more than the previous year.

The company plans to raise five billion rupees through a local bond issue by December, as part of its annual requirement for at least Rs 3000 crore debt for the next three years, Director Finance RK Goel told reporters.

Turnover should exceed Rs 30000 crorer in the year to March 2010, he said. Last week, GAIL posted a 13 per cent drop in March quarter net profit to Rs 630 crore.

Its annual profit rose 8 per cent to Rs 28.04 crore.

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