BPCL posts Rs 3,229 cr loss for Jul-Sept quarter
The PSU had a net profit of Rs 2,1422.22 crore in the corresponding quarter last year, the company said in a filing to the BSE.
By PTI | Updated:
MUMBAI: State-owned Bharat Petroleum Corp Ltd ( BPCL) today reported a net loss of Rs 3,229 crore for the quarter ended September 30 after government failed to offer any compensation for the losses it incurred on fuel sales.
The PSU had a net profit of Rs 2,1422.22 crore in the corresponding quarter last year, the company said in a filing to the BSE.
"The results for the quarter has been adversely affected due to impact on account of high crude oil and product prices which could not be fully passed on to consumers," BPCL said.
The company sells diesel, domestic LPG and kerosene at rates way below market price on government dictats. This loss is made up by contribution from upstream firms like ONGC and cash subsidy from the government.
However, in Q2, the government did not provide any cash subsidy to any of the retailers.
BPCL is losing Rs 7.06 per litre on diesel, Rs 25.90 per litre on kerosene sold through the public distribution system (PDS) and Rs 270.50 per 14.2-kg LPG cylinder supplied to domestic households for cooking purposes.
The Mumbai-based company reported a second-quarter net loss of Rs 3,229.27 crore or Rs 89.32 per share against Rs 2,142.22 crore or Rs 59.25 per share profit in the second-quarter of 2010-11 fiscal.
Its net revenue increased by 19 per cent to Rs 42,281.90 crore from the Rs 35,416.19 crore in the prior-year quarter.
During the quarter, BPCL achieved a crude throughput of 5.58 million tons, flat from last year at 5.60 million tons. Its market sales increased by five per cent to 7.04 million tons from the 6.69 million tons in the corresponding quarter last year.
For the half-year, the company posted a stand-alone net loss of Rs 5,791.16 crore, compared with a net profit of Rs 424.12 crore in the corresponding period in 2010.
Total revenue increased by 27 per cent to Rs 88,441.47 crore from the Rs 69,667.29 crore a year-ago.
BPCL said it got Rs 8,575.35 crore during April-September from upstream firms to party make up for the losses it incurred on fuel sales.
It earned $ 2.31 on turning every barrel of crude oil into fuel in the first half as compared to $ 3.19 per barrel gross refining margin in April-September 2010 period.
The PSU had a net profit of Rs 2,1422.22 crore in the corresponding quarter last year, the company said in a filing to the BSE.
"The results for the quarter has been adversely affected due to impact on account of high crude oil and product prices which could not be fully passed on to consumers," BPCL said.
The company sells diesel, domestic LPG and kerosene at rates way below market price on government dictats. This loss is made up by contribution from upstream firms like ONGC and cash subsidy from the government.
However, in Q2, the government did not provide any cash subsidy to any of the retailers.
BPCL is losing Rs 7.06 per litre on diesel, Rs 25.90 per litre on kerosene sold through the public distribution system (PDS) and Rs 270.50 per 14.2-kg LPG cylinder supplied to domestic households for cooking purposes.
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The Mumbai-based company reported a second-quarter net loss of Rs 3,229.27 crore or Rs 89.32 per share against Rs 2,142.22 crore or Rs 59.25 per share profit in the second-quarter of 2010-11 fiscal.
Its net revenue increased by 19 per cent to Rs 42,281.90 crore from the Rs 35,416.19 crore in the prior-year quarter.
During the quarter, BPCL achieved a crude throughput of 5.58 million tons, flat from last year at 5.60 million tons. Its market sales increased by five per cent to 7.04 million tons from the 6.69 million tons in the corresponding quarter last year.
For the half-year, the company posted a stand-alone net loss of Rs 5,791.16 crore, compared with a net profit of Rs 424.12 crore in the corresponding period in 2010.
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Total revenue increased by 27 per cent to Rs 88,441.47 crore from the Rs 69,667.29 crore a year-ago.
BPCL said it got Rs 8,575.35 crore during April-September from upstream firms to party make up for the losses it incurred on fuel sales.
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It earned $ 2.31 on turning every barrel of crude oil into fuel in the first half as compared to $ 3.19 per barrel gross refining margin in April-September 2010 period.
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