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MUMBAI: Under recovery on kerosene and cooking gas prices has led to a 70 per cent drop in Bharat Petroleum Corporation Ltd's third quarter net profit at Rs 145.7 crore (Rs 4.86 a share) against Rs 484.3 crore (Rs 16.14 a share), in the year-ago period. According to a senior company official, profits were hit by subsidies payable on kerosene and cooking gas prices. BPCL's share of subsidies amounted to Rs 785 crore in the third quarter alone. For the nine months ended December 31, 2004, the burden was close to Rs 1,800 crore, the official said.

Net sales for the quarter rose 37 per cent to Rs 16,567 crore (Rs 12,110.5 crore). Other income was Rs 60.2 crore (Rs 62.4 crore). The company earned $5.22 ($3.36) for every barrel of crude processed through its refineries in the last nine months.

Total expenses for the quarter were up at Rs 16,236.6 crore (Rs 1,126.55 crore), interest payments were at Rs 37.9 crore (Rs 24.9 crore) while depreciation and amortisation expenses were at Rs 138.7 crore (Rs 131.5 crore).

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