HPCL net drops 70% to Rs 235.92 crore

BS 200 SCPRECARD

Hindustan Petroleum Corporation (HPCL) has recorded a 69.90 per cent dip in its net profit at Rs 235.92 crore for the quarter ended December 2004 compared with Rs 775.71 crore in the same quarter of previous year.

However, net sales rose 25.41 per cent to Rs 16,227.11 crore compared with Rs 12,939.02 crore for the quarter ended December 2003.

Other income, in the quarter under review, rose by over 78 per cent at Rs 101.18 crore as against Rs 56.60 crore in the same quarter of previous year.

The company's interest outgo rose to Rs 31.93 crore and depreciation stood at Rs 162.26 crore during the quarter ended December 2004.

During the nine months ended December 2004, net profit dropped by 43.52 per cent at Rs 777.53 crore compared with Rs 1,376.89 crore. Net sales rose 17.43 per cent at Rs 43,409.85 crore compared with Rs 36,964.23 crore during April-December 2003.

The gross refining margin during the nine months for Mumbai refinery was $5.18 per barrel and for Visakh refinery was $ 5.39 per barrel.

The company has implemented a voluntary retirement scheme resulting in a payout of Rs 42.14 crore which is being amortised equally over five financial years.

The proportionate charge for the quarter ended December 2004 amounts to Rs 5.58 crore. The company's total crude throughput stood at 10.75 million tonne, market sales rose to 14.97 million tonne and pipeline throughput was 4.61 million tonne during April to December 2004 .