PSU oil marketing company HPCL has reported a net loss of Rs1,077.75 crore for the third quarter ended 31 December 2005 as compared to a profit of Rs235.92 crore for the prior year quarter. Total revenues for the quarter increased to Rs18,311.34 crore from Rs16,328.29 crore during the same quarter of previous year.

The company had reported a net loss of Rs22.14 crore for the second quarter ended 30 September 2005 on revenues of Rs16,943.82 crore. Cumulative losses for the first three quarters of the current financial year reported by HPCL stands at Rs1,607.78 crore or Rs47.44 per share of face value Rs10 each.

PSU oil marketing companies are incurring losses as the retail fuel prices have not been raised enough to offset the high crude oil prices. The Indian crude oil basket is currently trading around $64 per barrel. The government holds a 51 per cent stake in HPCL.

HPCL closed at Rs309.8 (up 0.23 per cent) on the NSE today.