The Hindu Business Line : HPCL Q4 profit down 5 pc

PUBLIC sector refining company Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a 5 per cent drop in fourth quarter profits for the period ended March 31, 2005.

The company's profit margins were squeezed on account of the government not allowing refining companies to revise fuel prices despite an increase in crude prices during a significant period in 2004-2005.

The company's fourth quarter profits fell to Rs 499.8 crore, down from Rs 527 crore reported during the corresponding year-ago quarter.

Total income rose over 12 per cent, however, amounting to Rs 16,500 crore, up from Rs 14,700 crore.

For the year as a whole, the fall in net profit was even steeper, at 32.9 per cent. The net profit amounted to Rs 1,277 crore, down from Rs 1,903 crore the previous year.

Total income for the year rose 15.8 per cent, amounting to Rs 60,122 crore, up from Rs 51,897 crore.

The Board of Directors has recommended a final dividend of 100 per cent. This is in addition to the interim dividend of 50 per cent paid during the year.

The consolidated annual net profit for the company stood at Rs 1,415.6 crore, 28.7 per cent lower than the previous year's net profit of Rs 1,975.87 crore.

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