HPCL posts Rs 320 cr loss for Jul-Sep

State-owned Hindustan Petroleum Corp Ltd (HPCL) today reported a net loss of Rs 320.50 crore in July-September quarter due to huge investory losses.
The company had a net profit of Rs 850.21 crore in the same period a year ago, HPCL Director (Finance) J Ramaswamy said.
"The loss was mainly because crude oil dropped by USD 10 per barrel in the barrel resulting in an investory loss of Rs 1,400 crore. Also there was a foreign exchange loss of Rs 180 crore," he said.
The company earned USD 2.3 on turning every barrel of crude oil into fuel in the quarter, almost unchanged from the gross refining margin it had earned in the same period a year ago.

The drop in oil prices also meant that turnover dipped to Rs 42,072.27 crore from Rs 51.667.02 crore last year.
The company board approved expanding capacity of its Mumbai Refinery from 6.5 million tonnes to 9.5 million tonnes at an estimated capital cost of Rs 4,200 crore.

"This project shall enable HPCL to meet the BS IV/V (EUro-IV/V) fuel specification as per the Auto Fuel Policy of Government of India," a company press statement said.
Also, HPCL is in the process of commissioning the 443 km long Rewari-Kanpur product pipeline with a capacity of 7.98 million tons per annum at a capital cost of about Rs 1400 crores.

"The commissioning of this pipeline will give us a strategic advantage in feeding the northern and central states which are witnessing a strong demand growth for petroleum products," the statement said.
The other two new LPG pipelines that are currently under implementation -- Uran-Chakan/ Shikrapur and Mangalore-Hassan- Mysore-Solur are progressing well and are expected to complete as per schedules in 2016.