BPCL reports Q2 net loss of over Rs3,229 crore
31 October 2011
Bharat Petroleum Corporation Ltd (BPCL) has registered a net loss of Rs3,229.27 crore during the quarter ended 30 September 2011against a net profit of Rs2,142.22 crore for the quarter ended 30 September 2010.
Total income of the refiner during the quarter rose to Rs42,680.59 crore from Rs35,968.36 crore during the quarter ended 30 September 2010.
"The results for the quarter has been adversely affected due to impact on account of high crude oil and product prices which could not be fully passed on to consumers," the company said in a release.
BPCL and other state-run oil refining and marketing companies are losing Rs7.06 per litre on diesel, Rs25.90 per litre on kerosene sold through the public distribution system (PDS) and Rs 270.50 per 14.2-kg LPG cylinder supplied to domestic households for cooking purposes.
"The oil marketing companies are currently incurring a daily under-recovery (revenue loss) of about Rs272 crore on sales of diesel, PDS kerosene and domestic LPG," a recent statement issued by the petroleum ministry said.
The shares of the firm were trading Rs619, down 2.9 per cent on the Bombay Stock Exchange. It touched a high of Rs641.10 and low of Rs616 in trade during today's trading.