The Hindu Business Line : BPCL net down 91% in Q4

Mumbai, June 17 Reeling under high crude oil prices, downstream major Bharat Petroleum Corporation Ltd has reported Rs 58.4 crore net profits for the fourth quarter, a decline of 91 per cent over the previous quarter profit of Rs 670 crore.

The net sales for the quarter have increased by 35 per cent to Rs 32,578 crore (Rs 24,126 crore).

For the fiscal 2007-08 the net profit was Rs 1,580 crore (Rs 1,805 crore), a decline of 12 per cent. The net sales for the fiscal stood at Rs 1,10,546 crore, an increase of 13 per cent over the net sales of Rs 97,560 crore in the previous fiscal.

The company has recommended a final dividend of Rs 4 per share. The total amount of final dividend works out to Rs 153 crore including tax on dividend.

For the Mumbai Refinery, the gross refining margin (GRM) for the fiscal was $4.60 a barrel ($3.64) and $7.18 a barrel ($3.46) for the Kochi Refinery.

BPCL received Rs 5,975 crore for the year as discounts on purchase of crude oil, LPG and kerosene from ONGC and GAIL as a means to compensate the under recovery on diesel, petrol, kerosene sold through PDS system and domestic LPG. In the previous year the discount was Rs 4,462 crore.

For the current fiscal, the company is eligible to receive oil bonds of Rs 8,589 crore of which Rs 4,618 crore worth of bonds have already been given and balance of Rs 3,971 crore is yet to be received.

On the BSE on Tuesday the stock closed at Rs 280.75 an increase of 1.78 per cent over the previous close of Rs 275.85.

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