BPCL lowers Q2 loss to Rs 159 cr

Written by fe Bureaus | Mumbai | Updated: Oct 30 2009, 09:27am hrs
State-run Bharat Petroleum Corporation (BPCL) has reported a net loss of Rs 158.77 crore for the quarter ended September 30, 2009, against Rs 2,625 crore it reported during the corresponding period last year. This represents a fall of 93% largely because the government did not issue bonds to compensate for the losses incurred on cooking fuel sales. Its net sales were down at Rs 27,071 crore compared to Rs 37,826 crore.

BPCLs turnover fell to Rs 27,513.4 crore from Rs 38,148.73 crore on a dip in price it realised for the fuel it sold from its Mumbai and Kochi refineries. During the first six months, BPCL reported a net profit of Rs 455.35 crore compared to a loss of Rs 3691.96 crore in the corresponding period last year.

BPCL was to get Rs 2,206 crore in oil bonds to make up for the losses it incurred on selling domestic cooking gas and kerosene below cost.

Besides BPCL, Indian Oil Corp (IOC) was to get oil bonds worth Rs 7,136 crore and HPCL Rs 2,443 crore.

The gross refining margin for the Mumbai refinery in the half year ended September 30 was $2.14 per barrel against $5.30 per barrel during April-September 2008. It stood at $6.25 per barrel against $11.77 per barrel for the Kochi refinery.

For the current half year, the under-recovery on the sale of sensitive petroleum products has been partially compensated for. The discount from upstream oil companies is Rs 1,040.43 crore for April-September 2009 against Rs 6,078.49 crore April-September 2008. This has been accounted for during the quarter towards discount received for the purchase of crude oil, LPG and SKO from ONGC and GAIL.

BPCLs other income for the half year includes Rs 234.13 crore towards gains on foreign exchange fluctuations.