Gulf Oil’s lube division reports 20% rise in annual turnover

India’s Gulf Oil Corp. announced a profit of Rs 18.89 crore (US$4.2 million) for the fourth quarter ending March 31, from  Rs 5.05 crore (US$1.1 million) during the same period a year ago, up 274%.  Company turnover, however, was down 16% to Rs 251 crore (US$56.1 million), due to a restructuring of the explosive division which was demerged into its wholly owned subsidiary IDL Explosives Ltd.  Year-end numbers for the company were a turnover of Rs 1,001 crore (US$223.9 million) and a net profit of Rs 54 crore (US$12.0 million). The lubricants division achieved a gross turnover of Rs 681 crore (US$152 million), up 20% from Rs 564 crore (US$126.1 million) a year ago. (May 28, 2011)