The Hindu Business Line : HPCL Q4 net down 20 pc

HIGH global crude prices have hit HPCL's fourth quarter profits, which fell 20 per cent to Rs 527.05 crore (Rs 634.12 crore) along with a 5.8 per cent fall in quarterly net sales to Rs 14,553.43 crore (Rs 15,407.75 crore).

Other income for the quarter ended March 31, 2004 was up at Rs 147.47 crore (Rs 65.8 crore).

The company's earnings per share in the quarter fell to Rs 15.55 (Rs 18.71). The final dividend for the year stood at 160 per cent, a news release said. The total dividend payout for the company will amount to Rs 842.17 crore.

During the financial year ended March 31, 2004, however, HPCL's net profits rose 23.8 per cent to Rs 1,903.94 crore (Rs 1,573.36 crore) while its net sales fell to Rs 51,517.66 crore (Rs 54,165.63 crore).

Gross refining margins for the financial year stood at $4.3 per barrel ($2) and $4.6 per bbl ($4.4) for HPCL's Mumbai and Visakhapatnam refineries respectively.

The company's total expenses for the quarter stood at Rs 13,688.30 crore (Rs 14,303.74 crore) while interest payments stood at Rs 16.28 crore (Rs 2.81 crore) and depreciation was Rs 163.08 crore (Rs 156.15 crore).