HPCL on Monday said its net loss during April-June 2013 has reduced to Rs 1,460.8 crore against a loss of Rs 9,248.80 crore in the same period previous year.
Total income of the company has increased to Rs 51,968.01 crore during the quarter under review as against Rs 44,710.17 crore in the same period last year.
During the current quarter, HPCL received Rs 3,485.71 crore (Rs 3,357.20 crore) as subsidy compensation from upstream companies. This is in addition to budgetary support offered by Government of Rs 1,822.14 crore during the same period. Last financial year, Government did not roll out subsidy in the first quarter resulting the company to report losses.
Average gross refining margin during the quarter ended June 30 were reported at $2.58 a barrel against negative $2.05 a barrel in the previous year.
HPCL realised marginally less crude thruput in the first quarter of 2013-14 at 3.44 million tonnes against 3.58 million tonnes in the same quarter previous year.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.