Financial Daily from THE HINDU group of publications
Saturday, Jul 17, 2004
Financial Daily from THE HINDU group of publications Saturday, Jul 17, 2004 |
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Corporate Results
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Petroleum Kochi Refineries net falls to Rs 153 cr; to pay 120 pc Our Bureau
Kochi , July 16 THE net profit of Kochi Refineries Ltd fell to Rs 153 crore (Rs 169 crore) for the first quarter of the current fiscal. This was despite a surge in crude throughput to 2,085 million tonnes (1,901 million tonnes). However, the profit before tax grew to Rs 253 crore (Rs 248 crore). During the first quarter of 2003-04, the company received Rs 168 crore as dues from the Government bolstering the profit before tax, company sources said. The 10-year tax holiday that company enjoyed over its upgradation, has also lapsed, the sources added. But the gross refining margin for the quarter is far higher than what it was during the corresponding period of the previous year.There was also a dramatic surge in raw material costs to Rs 2,691 crore (Rs 1,879 crore). Total expenditure incurred by the company grew to Rs 2,664 crore (Rs 1,973 crore). The total sales also grew to Rs 2,949 crore (Rs 2,250 crore). The staff cost also came down during the quarter. Reflecting the fall in net profit, the earnings per share fell to Rs 11.05 from Rs 12.23. At the annual general meeting held here, Kochi Refineries has recommended a dividend of 120 per cent (Rs 12 per share) for the financial year 2003-04, as against 100 per cent dividend declared for the earlier year. The outflow on this count will be to the tune of Rs 187 crore.
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