The Hindu Business Line : BPCL reports Rs 303.5-cr net profit in Q3

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Mumbai, Jan. 29 Bharat Petroleum Corporation Ltd reported a third quarter net profit of Rs 303.5 crore, against a loss of Rs 1,131 crore in the corresponding year ago quarter.

Net sales rose 19.5 per cent, to Rs 24,206 crore, from Rs 20,254 crore.

An amount of Rs 1,135 crore has been accounted on provisional basis during the quarter under `income from operations' for issuance of special oil bonds in lieu of under-realisation suffered by the company, said a statement from BPCL.

An additional amount of Rs 559 crore has been accounted towards discount received for purchase of crude oil, LPG and SKO from ONGC and GAIL, as partial compensation against under-recovery by the upstream oil companies as advised by the Government, said the statement.

Market sales, at 5.94 million tonnes, were higher by 5.88 per cent compared with year-ago sales at 5.61 million tonnes.

Total expenditure rose 10.8 per cent, to Rs 23,516 crore (Rs 21,223 crore).

Interest costs almost doubled, to Rs 129.8 crore, from Rs 68.9 crore.

Depreciation and amortisation stood at Rs 248.4 crore (Rs 175.3 crore).

Profit before tax stood at Rs 459.7 crore as against a negative Rs 1,105 crore a year ago.

Provision for taxation stood at Rs 218 crore (Rs 3 crore).

For the nine-month period ended December 31, 2006, the company reported a net profit of Rs 1,135.5 crore against a loss of Rs 1,392.3 crore a year ago.

Net sales stood at Rs 73,434 crore (Rs 54,393 crore).

The gross refining margin for the nine month period ended December 31, 2006, was $3.12 per barrel, against US $2.41 per barrel during the same year-ago period for the company's Mumbai refinery, and $ 2.20 per barrel ($ 3.91 per barrel) for the Kochi refinery.

The company's scrip gained by 1.02 per cent on BSE, closing on Monday at Rs 363.

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