The Hindu Business Line : BPCL loss at Rs 431 cr

BHARAT Petroleum Corporation Ltd blamed the high crude and product prices that could not be fully passed on to the consumers for the Rs 431.3-crore net loss it suffered during the quarter ended June 30. This was against Rs 177 crore net profit posted by BPCL during the year-ago period.

The company's market sales also took a dip at 5.28 million tonnes during the current first quarter against 5.38 mt in the corresponding period last year, though crude throughput was up at 2.3 mt from 2.17 mt. The decrease in sales was mainly on account of diesel down 12.97 per cent and petrol down 0.82 per cent (both retail).

The net sales for the period stood at Rs 16,015.7 crore, 22 per cent up from Rs 13,060.8 crore in the first quarter of 2003-04.

However, the under-recovery on diesel, petrol, kerosene and LPG was partially compensated by the upstream oil companies as advised by the Union Government and Rs 701 crore has been accounted towards discount received.

The gross refining margin during the period was $5.41 per barrel (approximately Rs 1,770 per tonne) against $5.17 per barrel (Rs 1,745 per tonne) in the last corresponding period.

Cost of raw material was Rs 3,579.4 crore (Rs 2,749.3 crore), while purchase of products for resale was to the tune of Rs 10,999.2 crore (Rs 9,088.6 crore).

Depreciation was almost unchanged at Rs 152.5 crore (Rs 153.6 crore) and this included LPG cylinders that continued to be depreciated at 100 per cent.

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