The Hindu Business Line : BPCL Q2 net drops 33 per cent

BHARAT Petroleum Corporation Ltd has reported a 32.6 per cent drop in second quarter net profit to Rs 321.4 crore against Rs 477.1 crore in the same period last year.

Net sales for the quarter ended September 30, 2004 was 23 per cent higher at Rs 13,374.1 crore (Rs 10,886.4 crore) while other income was Rs 200.7 crore (Rs 180.1 crore). Per sharing earnings stood at Rs 10.71 per share against Rs 15.90 last year.

The Government has restrained the country's third largest oil retailer, and other oil retailing companies, from raising transport fuel prices in spite of spiralling crude costs, in an attempt to curb inflation.

The company's refining margins for the quarter were at $5.11 per barrel or Rs 1,750 per tonne against $3.39 per barrel or Rs 1,184 per tonne.

The company's total expenditure in the quarter was Rs 12,903.5 crore (Rs 10,138.3 crore). It spent Rs 37.7 crore (Rs 22.9 crore) on interest payments and Rs 162.5 crore (Rs 159.7 crore) on depreciation and amortisation.

BPCL has accounted for the Rs 516.2-crore subsidy burden shared by ONGC and GAIL (India) as discount on purchase of crude oil, liquefied petroleum gas and kerosene, a news release said.

For the half-year ended September 30, BPCL reported a 41 per cent drop in net profit to Rs 468.7 crore (Rs 796.4 crore), while its net sales were Rs 26,434.9 crore (Rs 22,031.5 crore).