BPCL bottom line sinks deep into the red

PSU oil marketing company BPCL has reported a net loss of Rs 1,024.2 crore for the third quarter ended 31 December 2005 as compared to a profit of Rs 145.7 crore for the prior year quarter. Total revenues for the quarter increased to Rs 18,944.1 crore from Rs 16,627.2 crore during the same quarter of previous year.

The company had reported a net loss of Rs 203 crore for the second quarter ended 30 September 2005 on revenues of Rs 16,353.6 crore. Cumulative losses for the first three quarters of the current financial year reported by BPCL stands at Rs 1,658.5 crore or Rs 55.28 per share of face value Rs 10 each.

The company is 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 66 per cent stake in BPCL.

BPCL closed at Rs 420.5 (down 2.37 per cent) on the NSE today.