Chennai Petroleum jumps after turnaround Q3 earnings

Chennai Petroleum Corporation jumped 7.48% to Rs 156.60 after reporting standalone net profit of Rs 6.37 crore in Q3 December 2019 as against net loss of Rs 367.10 crore in Q3 December 2019.

Standalone profit before tax (PBT) stood at Rs 9.09 crore in Q3 December 2019 as against pre-tax loss of Rs 555.34 crore in Q3 December 2018. Net sales fell 7.3% to Rs 9,146.67 crore in Q3 December 2019 from Rs 9,865.83 crore in Q3 December 2018.

Average gross refining margin (GRM) for the April to December 2019 period stood at $2.69 per bbl compared with $3.92 per bbl during the same period in the last fiscal.

The company incurred an exchange loss of Rs 38.98 crore in Q3 December 2019 compared with an exchange gain of Rs 74.97 in Q3 December 2018.

On a consolidated basis, the company reported a net profit of Rs 11.29 in Q3 December 2019 compared with a net loss of Rs 362.99 crore in Q3 December 2018. PBT stood at Rs 14.01 crore in the December quarter as compared to a loss of Rs 551.23 crore in the corresponding period last year. Net sales fell 7.29% to Rs 9,146.67 crore in Q3 December 2019 over Q3 December 2018.

Chennai Petroleum Corporation refines crude oil and markets petroleum and petrochemical products, including lube oil base stocks, aviation turbine fuel, propane, propylene and polybutene feedstock. The group operates two refineries, the Cauvery Basin refinery and the Manali refinery.

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