Financial Daily from THE HINDU group of publications
Friday, Jul 30, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 30, 2004 |
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Corporate Results
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Petroleum HPCL net surges 57 pc in first quarter Our Bureau
Mumbai , July 29 HIGHER sales and improved refining margins, because of high global crude oil prices, have led to a 57 per cent increase in HPCL's net profit at Rs 247.30 crore (Rs 157.34 crore) in the first quarter ended June 30, 2004. Shareholders will earn Rs 7.30 per share of the quarterly net compared to Rs 4.64 last year. HPCL's net sales increased 8.9 per cent in the first quarter to Rs 15,023.77 crore (Rs 13,785.11 crore) while other income fell 15 per cent to Rs 41.49 crore (Rs 48.85 crore). The company earned refining margins of $5.3 per barrel of crude processed compared to $3.1 per bbl last year at Trombay and $7.3 per bbl ($2.8) at its Vizag refinery. During the quarter, HPCL received discounts worth Rs 248 crore on purchase of crude oil, LPG and kerosene from ONGC Ltd and Gail India, as per a Union Government directive, the company told the Bombay Stock Exchange. The company's total expenditure was lower at Rs 13,141.78 crore compared to Rs 13,433.69 crore last year, largely because duties payable on various products halved to Rs 75.02 crore (Rs 1523.25 crore). Interest payments fell to Rs 11.72 crore (Rs 10.14 crore) while depreciation was marginally up to Rs 158.04 crore (Rs 144.77 crore).
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