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Chennai Petroleum Corporation has reported higher losses in the second quarter of the current year as compared with the corresponding quarter previously.
The group company of Indian Oil Corporation has reported a net loss of ₹452.39 crore (net loss: ₹233.14 crore) on a total income of ₹5,982.44 crore (₹10,616.31 crore).
The average gross refining margin in the April to September period was $5.99 per barrel ($2.11).
The net worth as on September 2015 was ₹3,109.46 crore. It stood at ₹1,655 crore as on March 2015 against a peak networth of ₹3,793 crore in the four-year period prior to 2014-15. This was informed to the BIFR on October 12, 2015.
The company has increased the authorised share capital from ₹400 crore to ₹1,400 crore comprising 40 crore equity shares of ₹10 each and 100 crore preference shares of ₹10 each. It has allotted 100 crore non-convertible cumulative redeemable preference shares of ₹10 each for cash at par totalling ₹1,000 crore to IOC.
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