Bank of India narrows net loss to Rs 1045.54 cr

Share

For the entire fiscal, the bank's net loss was at Rs 1,558.34 crore, down from a loss of Rs 6,089.21 crore year ago.

The shares of the lender have suffered over 14 per cent drop in the last five days.

State-run gas utility GAIL India Ltd on Monday said it has signed a first-ever time-swap deal to sell some of its USA liquefied natural gas (LNG) as it rejigs the supply portfolio in line with domestic demand. Company's total income for the fiscal year ended March 31, 2017 was at Rs 726.38 crore as against Rs 770.78 crore for 2015-16. The consolidated gross sales of the company grew by 19.7% at Rs 1,416 crore, SRF said in a statement.

As on March 31, 2017, the bank's return on asset remained negative. Net income rose 16% to Rs 13,674 crore from Rs 11,802.40 crore in the fourth quarter of last fiscal, as revenue from petrochemicals rose 57% to Rs 1,766 crore and that from natural gas marketing increased 12.7% to Rs 10,370.56 crore.

The decline in net profit would have been higher had it not been for the Rs 489 crore it earned from the listing of its joint venture Mahanagar Gas Ltd (MGL).

The company had posted a net profit of Rs 22.83 crore for the corresponding period of the previous fiscal, Novartis India said in a filing to BSE.

"We took an impairment of investment in Ratnagari Gas and Power Pvt Ltd (the company that runs Dabhol power plant) for Rs 783 crore", GAIL Chairman and Managing Director B C Tripathi said.

"We imported 55 cargoes of LNG on short or medium term contracts in 2016-17".

The LNG that GAIL will receive this year between April and December under the time-swap deal will be at oil-linked prices.

Following the results announced after market hours on Monday, GAIL stock was trading lower by 4.22 per cent at Rs 374.65 a share on the BSE at 11.10 am on Tuesday. "This volume we expect to replace from our U.S. portfolio", he said.

Share