The Hindu Business Line : CPCL net rises 49% at Rs 597 cr, to pay Rs 12

CHENNAI Petroleum Corporation Ltd (CPCL) has reported a net profit of Rs 597 crore for 2004-05, up 49 per cent over the previous year. The board of directors has recommended a dividend of Rs 12 per share (120 per cent).

The public sector oil refiner's turnover increased 73 per cent to Rs 16,296 crore - the company's highest ever.

"The turnover was higher mainly due to increase in throughput and higher (import parity based) prices for products," said a company release. Throughput at 8.92 million tonnes was 27 per cent higher than the previous year.

Speaking to newspersons, Mr S. Behuria, Chairman, said that CPCL would join its parent company, IOC, in establishing a LNG terminal at Ennore.

The Rs 1,700-crore project will import initially 2.5 million tonnes of liquefied natural gas.

IOC is "actively proceeding" with long term agreement with Iranian oil companies to source LNG, he said.

On the proposal that all oil companies - including stand-alone refiners such as CPCL - should bear the cost of LPG and kerosene subsidies, Mr Behuria said that the proposal was still at a preliminary stage.

In any case, the outlook for CPCL was bright even if it had to share the subsidy burden, because the refining margins are likely to be firm.

Mr S.V. Narasimhan, Managing Director, said that the company had undertaken two major water-related projects.

For the Rs 193-crore 5.8 million-gallons-a-day (mgd) seawater desalination plant, a short list of parties has been drawn up.

The other project is for augmenting the existing sewage treatment plant by another 2.5 mgd at a cost of Rs 44 crore.

The two projects are scheduled to be completed by 2007 and 2006 respectively.

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