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WPIL advances 6% on strong Q1 numbers, to close UK operations

The company has decided to close operations of its subsidiary, Mathers Foundry UK, in line with the process in compliance with UK laws.

September 14, 2017 / 11:28 AM IST
A worker checks pipes and valves at Amaal oil field in eastern Libya October 7, 2011. Eight months of civil war have left Libya's oil industry in chaos, with 
fields that once pumped a total of around 1.6 million barrels per day (bpd) deserted and export 
terminals, pumping stations and pipelines damaged by fighting and sabotage. Engineers and other workers who left the field, which is about 1000 km (620 miles) southeast of the capital Tripoli, are returning in what the country's new rulers hope will be the resumption of full oil production as soon as possible. REUTERS/Ismail Zitouny (LIBYA - Tags: CONFLICT BUSINESS ENERGY TPX IMAGES OF THE DAY) - RTR2SD29

A worker checks pipes and valves at Amaal oil field in eastern Libya October 7, 2011. Eight months of civil war have left Libya's oil industry in chaos, with fields that once pumped a total of around 1.6 million barrels per day (bpd) deserted and export terminals, pumping stations and pipelines damaged by fighting and sabotage. Engineers and other workers who left the field, which is about 1000 km (620 miles) southeast of the capital Tripoli, are returning in what the country's new rulers hope will be the resumption of full oil production as soon as possible. REUTERS/Ismail Zitouny (LIBYA - Tags: CONFLICT BUSINESS ENERGY TPX IMAGES OF THE DAY) - RTR2SD29

 
 
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Shares of WPIL added 6.7 percent intraday Thursday on the back of strong Q1 numbers.

The company's Q1FY18 net profit increased by 89 percent to Rs 5.32 crore against Rs 2.89 crore in the same quarter last year.

Its revenue was up 79 percent at Rs 75.7 crore versus Rs 42.3 crore.

The operating profit (EBITDA) rose 14 percent at Rs 6.7 crore, while margins was down at 8.9 percent.

The company has decided to close operations of its subsidiary, Mathers Foundry UK, in line with the process in compliance with UK laws.

Due to the sustained uncertainty in the oil & gas sector, its key market, the viability of operations was under severe pressure. Hence, the board considered it prudent to discontinue its operations and to bear closure costs rather than be exposed to continuous uncertainty and losses.

The share rose 61 percent in the last 9 months.

At 11:03 hrs WPIL was quoting at Rs 532.65, up Rs 24.55, or 4.83 percent on the BSE.

Posted by Rakesh Patil

first published: Sep 14, 2017 11:19 am

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