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| BPCL Q2 net loss at Rs 158.77 cr |
| Press Trust of India / New Delhi Oct 29, 2009, 17:26 IST |
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Bharat Petroleum Corporation (BPCL), the nation's second-biggest state refiner, today reported a net loss of Rs 158.77 crore for the second quarter of the current fiscal, largely because the government did not issue it bonds to compensate for losses on cooking fuel sales.
Losses in the July-September quarter narrowed to Rs 158.77 crore from Rs 2,625.27 crore a year ago, BPCL said in a filing to the Bombay Stock Exchange.
BPCL was to get Rs 2,206 crore in oil bonds to make up for the losses it incurred on selling domestic cooking gas (LPG) and kerosene below the cost.
Besides BPCL, other fuel retailers Indian Oil Corporation (IOC) was to get oil bonds worth Rs 7,136 crore and HPCL Rs 2,443 crore. The absence of bonds saw HPCL report losses yesterday.
BPCL's turnover fell to Rs 27,513.4 crore from Rs 38,148.73 crore on a dip in price it realised for the fuel it sold from its Mumbai and Kochi refineries.
During the first six months, BPCL reported a net profit of Rs 455.35 crore as compared to a loss of Rs 3691.96 crore in the corresponding period.
BPCL said it earned $2.14 on processing every barrel of crude at its Mumbai refinery in the April-September period ($5.3 per barrel gross refining margin a year ago) and $6.25 per barrel at Kochi unit ($11.77 a barrel GRM year year).
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