New Delhi: Gujarat State Petroleum Corp (GSPC) today reported a net profit of Rs 374.03 crore in the first half of current fiscal as compared to a loss of Rs 369.55 crore in the same period a year ago.

“For the first half of previous year that ended on September 30, 2015, the company had reported a net loss of Rs 369.55 crores largely due to exceptional items such as writing off of exploration costs,” GSPC said in a statement.

GSPC is an unlisted company and does not give out quarterly numbers.

During April-September, it traded 10.61 per cent higher gas at 85.31 million British thermal units. However, the company’s revenues from gas trading amounted to Rs 4,395.32 crores as against Rs 5,181.67 crores in H1 of previous year, recording a decrease of 15.18 per cent.

“The decrease in these revenues was mainly on account of falling crude prices in the international market leading to corresponding fall in international gas prices,” it said.

During the first half of previous year, GSPC had written off exploration costs of Rs 605.17 crores on unsuccessful while in the current year it wrote off exploration costs of only Rs 33.01 crores.

“On the exploration and production side, the company has already set up production facilities in its KG Block’s Deen Dayal West Field and also successfully carried out Hydrofracturing activities in its DDW-D4 Well. The Company expects that this will add significant value to its future development wells and boost the company’s E&P income,” GSPC said.

PTI