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HPCL net loss widens to Rs 422 cr in Q3

Hindustan Petroleum Corp has said that its net loss has widened to Rs 422.03 crore in the third quarter.

Written by Agencies | New Delhi |
January 28, 2009 5:10:22 pm

Hindustan Petroleum Corp,India’s second largest refiner,on Wednesday said its net loss has widened to Rs 422.03 crore in the third quarter as volatility in international oil prices squeezed margins on fuel sales.

HPCL,which had reported a net loss of Rs 3,218.92 crore in the second quarter and Rs 888.12 crore in the first quarter,further saw Rs 422.03 crore net loss in October-December quarter,a company statement said in New Delhi.

It had reported a net loss of Rs 15.74 crore in Q3 of previous fiscal.

The company lost USD 3.12 on processing every barrel of crude oil in October-December quarter as against USD 6.35 per barrel gross refining margin a year ago. A negative GRM in the third quarter essentially meant that the company had to sell products at price lower than the price at which it procured crude oil.

The widening of net profit was also a result of increase in interest and borrowing cost to Rs 796.11 crore from Rs 218.67 crore in October-December period last fiscal.

Sales increased to Rs 29,386.67 crore in the October-December quarter as compared to Rs 27,117.01 crore in the corresponding quarter a year ago.

Cumulatively in the first nine months,the company’s net loss stood at Rs 4,529.06 crore. This was against Rs 750.36 crore net profit in the April-December period of the previous financial year.

Net sales increased to Rs 99,598.21 crore as opposed to Rs 73,233.15 crore.

During April-December,the company earned USD 1.75 on processing every barrel of crude oil as against USD 6.24 a year ago. Its Mumbai refinery earned USD 2.81 per barrel GRM in nine months as against USD 6.17 per barrel last year and its Visakh refinery earned USD 1.02 per barrel GRM as opposed to USD 6.30 per barrel a year ago.

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