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Public sector oil company Bharat Petroleum Corporation Ltd reported that its net loss had increased to Rs 2,561.8 crore for the quarter ended June 30 on account of not receiving full compensation from the Government for selling fuel at subsidised rates.
The company's net loss in the corresponding quarter last fiscal was Rs 1,718.1 crore. BPCL's revenues for the quarter increased by 34.7 per cent to Rs 46,566.93 crore as against Rs 34,553.4 crore in the corresponding quarter last year.
BPCL made a loss of Rs 12,290 crore for selling diesel, domestic LPG and kerosene at Government controlled prices and out of this it was paid only Rs 3,409.05 crore from upstream companies and Rs 3,524.46 crore from the Government as cash subsidy.
Commenting on the results, Mr Sudhir K. Joshi, BPCL Director (Finance), said that the net under-recovery in the quarter was Rs 3,356 crore, up from Rs 1,584 crore in the corresponding quarter last year.
The company said in a statement that fuel sales during the quarter rose by 5.5 per cent to 7.83 million tonnes from 7.42 million tonnes a year ago.
BPCL's scrip closed marginally higher at Rs 690.15 on the BSE on Friday. The company also announced that the dividend at the rate of Rs 14 per equity share of Rs 10 each fully paid up, if approved by the shareholders at the Annual General Meeting, will be paid on or before September 26, 2011
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