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Mr Sarthak Behuria, Chairman, Indian Oil Corporation, at a press conference in the Capital on Monday. - Kamal Narang

New Delhi , May 16

BONGAIGAON Refinery & Petrochemicals Ltd (BRPL) has posted a 57 per cent increase in its net profit for the financial year 2004-05.

The profit after tax for the year ended March 31, 2005 stood at Rs 478 crore as against Rs 304 crore for the corresponding fiscal.

BRPL's turnover has increased by 56 per cent to Rs 4,992 crore (2004-05) from Rs 3,204 crore in 2003-04.

Speaking to newspersons Mr Sarthak Behuria, Chairman, BRPL & Indian Oil Corporation, said the company's board on Monday declared a final dividend of Rs 6 per share, which is 60 per cent of the paid-up capital.

Together with 60 per cent interim dividend declared earlier, the total dividend for 2004-05 works out to 120 per cent, which is an increase of 56 per cent over last year's total dividend of 77 per cent.

Further, the company's crude throughput increased by 8 per cent in 2004-05 at 2.31 million tonne from 2.13 mt in 2003-04.

BRPL is processing Ravva as well as Assam crude. The diesel produced at BRPL from Ravva crude meets BS-II specification, which came into effect from April 1, 2005.

To meet the BS-III quality specifications for diesel and motor spirit (MS), to be applicable from 2010, the company has already initiated steps for setting up a diesel hydro-treatment plant as well as MS maximisation and quality upgradation project, which will take care of elimination of naphtha production also.

These two projects are estimated to cost around Rs 800 crore. Major portion of investment for these projects will be from internal resources generation.

IOC on Monday said it lost Rs 2,600 crore on sale of petrol, diesel, LPG and kerosene so far in the current fiscal.

Mr Behuria said, "In this fiscal so far, revenue deficit on petrol and diesel sale was Rs 1,200 crore and on kerosene and LPG Rs 1,400 crore."

He reiterated the demand for raising petrol and diesel prices. Kerosene is being sold at Rs 11.92 per litre loss, while LPG is under-priced by Rs 106 per cylinder," he said.

The gross under-recovery on petrol, diesel, LPG and kerosene (for the industry) in 2004-05 was Rs 20,310 crore, he said.

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Bongaigaon Refinery net profit up 57 pc

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