Business Daily from THE HINDU group of publications
Wednesday, May 30, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, May 30, 2007 ePaper |
|
|
|
|
|
|
|
|
|
|
Home Page
-
Financial Performance Corporate Results - Petroleum Corporate - Dividend Announcement HPCL Q4 net drops 73% at Rs 549.5 crore Our Bureau
Mumbai May 29 Hindustan Petroleum Corporation Ltd reported a 73 per cent decline in net profit for the fourth quarter ended March 2007. Net profit stood at Rs 549.5 crore, down from Rs 2,013 crore posted during the corresponding quarter of the previous year. Compensation of more than Rs 5,500 crore received in the year-ago quarter (for bridging the subsidy at which the public sector refiner has to sell fuel) had helped raise its profits for that period. Gross sales for the quarter rose to Rs 22,615 crore (Rs 20,256 crore).
Full year
For fiscal 2006-2007, the company's net profit was more than five times higher, at Rs 1,571 crore (Rs 405.6 crore), as its capacity utilisation increased and gross refining margin rose by 42 per cent. Capacity utilisation stood at 128 per cent with the company recording a crude thruput of 16.66 million tonnes (13.82 mt). Volume sales grew by 7.6 per cent and exports by 68 per cent. The combined gross refining margin of its refineries was reported at $4.07 per barrel against $2. 86 per barrel a year ago. Turnover rose 23.5 per cent for the fiscal to Rs 91,448 crore.
Final Dividend
Interest charges rose to Rs 423 crore (Rs 176 crore) due to increased borrowings for working capital requirements and hardening of interest rates. The financial results for the year were affected by high crude and product prices, which could not be fully passed on to the consumers, said a statement from the company. The under-recovery on fuels was partially compensated by way of discounts from upstream companies and oil bonds from the Government. The board recommended a final dividend of 120 per cent, in addition to the interim dividend of 80 per cent.
Related Stories: More Stories on : Financial Performance | Petroleum | Dividend Announcement
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
