Business Daily from THE HINDU group of publications
Thursday, Jan 24, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 24, 2008 ePaper | Mobile/PDA Version |
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Corporate Results
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Petroleum Chennai Petro net zooms on better refining margins Our Bureau Chennai, Jan. 23 Chennai Petroleum Corporation Ltd has announced a net profit of Rs 225.62 crore for the quarter ending December, which is close to ten times the achievement in the same quarter last year, of Rs 24.35 crore. This was essentially because the company was able to get better prices for its products from its parent company, Indian Oil Corporation, which is the sole buyer of its products. Gross refining margin rose to $8.75 per barrel compared with $2.65 in the corresponding period last year. Under the refinery transfer pricing mechanism, the standalone refineries such as CPCL get a price based on international product prices. That is why CPCL was able to turn in a 10-fold increase in profit, despite the crude throughput falling to 2.27 million tonnes in the quarter from 2.58 million tonnes in the same quarter last year. Turnover (net of excise) increased to Rs 7,060 crore from Rs 5,898 crore previously, reflecting better selling prices. Other income also increased to Rs 42 crore from Rs 15 crore, because of exchange rate fluctuation gains. For the nine month period ending December, CPCL achieved net sales of Rs 19,615 crore against Rs 18,969 crore in the same period last year. Net profit for the period was Rs 779 crore compared with Rs 376 crore in the first three quarters of last year. More Stories on : Petroleum
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