Chennai Petroleum reports Rs 452 cr loss during Q2

Total income from operatons drops to Rs 5,982.44 cr from Rs 10,616.31 cr

Chennai Petroleum Corporation Limited (CPCL), an Indian Oil Corporation company, has reported a loss of Rs 452.39 crore during the quarter ended September 2015 as against loss of Rs 233.14 crore, a year ago.

Total income from operations has dropped to Rs 5,982.44 crore from Rs 10,616.31 crore.

Company's average gross refining margin (GRM) during April to September 2015 was $5.99 a barrel as against $2.11 barrel during April to September 2014.

Peak networh of the company during the last four years prior to 2014-15 was Rs 3,793 crore and the networth as on March 2014 was Rs 1,722 crore.

In line with the provisions of Sick Industrial Companies (Special Provisions), Act, 1985, CPCL has reported the fact of such erosion of more than 50% of peak networh to BIFR in October 2014.

The loss for the fiscal year ended March 2015 was Rs 39 crore and consequently the networth reduced to Rs 1655 crore as on March 31, 2015.

This has been reported to BIFR dated October 12, 2015 based on the approval of shareholders in the AGM held in September. The networth as on September 30, 2015 was Rs 3,109.46 crore.