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Gulf Oil Corporation Limited has posted a net profit of INR 18.35 crore for the fourth quarter ended 31.03.2014 as against INR 17.28 crore for the corresponding quarter last year. The company total income from operations for the fourth quarter was up at INR 272.30 crore versus INR 265.30 crore for the same period last year.

The Hinduja Group corporation closed the financial year ended 31.03.2014 with a net profit of INR 70.24 crore and a turnover of INR 1,300.54 crore as against a profit of INR 47.53 crore and a turnover of INR  1,284.79 crore for the previous financial year.

Gulf Oil International (Mauritius) Inc., promoters of Gulf Oil Corporation Limited on 27.03.2014 acquired 4.99 per cent additional equity shares of the company, taking their holding up to 54.98 per cent. With this development, Gulf oil corporation Limited has become its subsidiary.

The Board of Directors of the company at its meeting held on March 26 declared interim dividend of INR 2.50 per share (125 per cent) for the financial year ended 31.03.2014. The Board further recommended that the interim dividend be treated as the final dividend for the Financial Year 2013-14. The company shares closed the day at INR 121.30, down 2 per cent.

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