Chennai Petroleum Q3 profit at Rs 33.97 crore

Company saw improvement in Gross Refining Margin during 9 months period

Chennai Petroleum Corporation Ltd, an Indian Oil-owned company, has reported a profit of Rs 33.97 crore during the quarter ended December 31, 2015 as compared to loss of Rs 680.52 crore, a year ago.

Total income dropped to Rs 5,088.24 crore during the third quarter as compared to Rs 9,436.25 crore, a year ago.

The company's average gross refining margin for the period April to December 2015 is $5.36 a bbl as compared to $0.63 a bbl April to December 2014.

Its peak networth of the company during the last four years prior to 2014-15 was Rs 3,793 crore and the networth as on March 31, 2014 was Rs 1,722 crore.

In line with the provisions of Sick Industrial Companies Act, CPCL in October 2014 reported sick to BIFR since erosion was more than 50 per cent of peak networth.

The loss for the fiscal year ended March 2015 was Rs 39 crore and consequently the networth further reduced to rs 1,655 crore as on March 31, 2015.

The networth as on December 31, 2015 is Rs 3,136.23 crore.