Chennai Petroleum hits 52-week low on disappointing Q4 earnings

Q4 gross refining margin declined to $0.80 a barrel from $4.46 a barrel in year ago quarter.

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SI Reporter Mumbai
Last Updated : May 29 2013 | 9:53 AM IST
Chennai Petroleum Corporation Limited (CPCL) is trading lower by 3% to Rs 102 after reporting a net loss of Rs 392 crore for the quarter ended March 31, 2013 (Q4) against profit of Rs 107 crore in a year ago quarter.

The gross refining margin, the difference between the crude price and value of petroleum products it makes, was down to $0.80 a barrel from $4.46 a barrel in the corresponding quarter of previous fiscal.

The company’s total income from operations however, increased by 21% at Rs 12,459 crore on year-on-year basis, CPCL said in a statement.

For the financial year 2012-13, the state-owned refinery and petroleum products firm has recorded a net loss of Rs 1,767 crore against profit of Rs 62 crore in previous fiscal.

The stock opened at Rs 105 and hit 52-week low of Rs 99.85 on NSE. A combined 19,870 shares have changed hands on the counter so far on NSE and BSE.
 

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First Published: May 29 2013 | 9:52 AM IST

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