Oil marketing company Hindustan Petroleum Corporation (HPCL)'s net loss has narrowed to Rs 136.68 crore in the September quarter of financial year 2010 due to lower crude oil prices which resulted in better margins for the company.
The company has posted a net loss of Rs 3,218.9 crore in the corresponding quarter of previous financial year.
Its total income fell by 31 per cent at Rs 24,780.1 crore for the September quarter of FY 2010 as compared to Rs 35,672.5 crore it posted in the corresponding quarter last fiscal.
For the half year ended September 30, 2009, HPCL posted a net profit of Rs 512.44 crore, whereas the company had a net loss of Rs 4,107.06 crore during the same period last fiscal.
Due to worldwide economic slowdown, crude prices have fallen from $147 a barrel last July to around $80 per barrel now.