Hit by uncompensated revenue loss, public sector oil marketing company (OMC) Bharat Petroleum Corporation Ltd (BPCL) today reported a net loss of Rs 1,718 crore for the quarter ended June 30 compared to a profit of Rs 614 crore.
“Financial results for the current quarter have been adversely affected due to impact on account of higher crude oil and product prices, which could not be fully passed on to consumers,” the company said in a release. The performance of BPCL is in tune with the performance of the other two OMCs, Indian Oil Corporation and Hindustan Petroleum Corporation.
BPCL’s net sales, however, rose 34 per cent to Rs 34,211 crore in the April-June quarter from Rs 25,492 crore in the same period last financial year. At the Bombay Stock Exchange, the company’s share price rose 0.53 per cent to close at Rs 642.35.
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