Chennai Petroleum hits 52-week low on disappointing Q4 earnings
Q4 gross refining margin declined to $0.80 a barrel from $4.46 a barrel in year ago quarter.
Chennai Petroleum Corporation Limited (CPCL) is trading lower by 3% to Rs 102 after reporting a net loss of Rs 392 crore for the quarter ended March 31, 2013 (Q4) against profit of Rs 107 crore in a year ago quarter.
The gross refining margin, the difference between the crude price and value of petroleum products it makes, was down to $0.80 a barrel from $4.46 a barrel in the corresponding quarter of previous fiscal.
The company’s total income from operations however, increased by 21% at Rs 12,459 crore on year-on-year basis, CPCL said in a statement.
For the financial year 2012-13, the state-owned refinery and petroleum products firm has recorded a net loss of Rs 1,767 crore against profit of Rs 62 crore in previous fiscal.
The stock opened at Rs 105 and hit 52-week low of Rs 99.85 on NSE. A combined 19,870 shares have changed hands on the counter so far on NSE and BSE.
The gross refining margin, the difference between the crude price and value of petroleum products it makes, was down to $0.80 a barrel from $4.46 a barrel in the corresponding quarter of previous fiscal.
The company’s total income from operations however, increased by 21% at Rs 12,459 crore on year-on-year basis, CPCL said in a statement.
For the financial year 2012-13, the state-owned refinery and petroleum products firm has recorded a net loss of Rs 1,767 crore against profit of Rs 62 crore in previous fiscal.
The stock opened at Rs 105 and hit 52-week low of Rs 99.85 on NSE. A combined 19,870 shares have changed hands on the counter so far on NSE and BSE.