Chennai Petroleum net profit halves as refinery margin shrinks

Chennai Petroleum Corp Ltd (CPCL) today reported halving of its June quarter net profit on lower refinery margin.
Standalone net profit of Rs 469.8 crore, or Rs 31.55 a share, was 49.25 per cent lower than Rs 925.7 crore, or Rs 62.17 per share, in the same period a year ago, the company said in a regulatory filing.
It earned USD 8.02 on turning every barrel of crude oil into fuel as against a gross refining margin (GRM) of USD 10.09 last year.
CPCL's refineries processed 2.64 million tonnes of crude oil in the first quarter compared with 2.84 mt a year ago.

Revenue fell to Rs 9,781.4 crore in April-June from Rs 11,388.4 crore a year earlier because of drop in oil prices.