Financial Daily from THE HINDU group of publications
Tuesday, Aug 02, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 02, 2005 |
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Corporate Results
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Petroleum HPCL in the red; Q1 loss at Rs 507.89 cr Our Bureau
New Delhi , Aug. 1 HINDUSTAN Petroleum Corporation Ltd has posted a net loss of Rs 507.89 crore for the quarter ended June 30, 2005 (unaudited) against a net profit of Rs 247.30 crore for the year-ago period. According to the company, the financial results of the quarter have been adversely affected by high crude and product prices, which could not be fully passed on to consumers. The under-recovery on petrol, diesel, kerosene and LPG was partially compensated by the upstream oil companies as advised by the Government. Accordingly, an amount of Rs 686.90 crore has been accounted for during the current quarter towards discount receivable from ONGC and GAIL (India) on purchase of crude oil, LPG and kerosene.
The gross sales of the company went up to Rs 16,239.15 crore for the quarter from Rs 14,895.84 crore for the same period last fiscal. The gross refinery margins during the quarter were $4.0 per barrel of oil (bbl) for Mumbai refinery and $4.9 per bbl for Vizag refinery.
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