Bharat Petroleum posts Rs 1,089-crore Q3 loss on under-recoveries

State-run oil refiner and marketing company Bharat Petroleum Corporation Limited (BPCL) on Wednesday reported a net loss of Rs 1,088.94 crore for the fiscal third quarter that ended on December 31, 2013, largely on account of under-recoveries.

The city-headquartered company had posted a net profit of Rs 1,647.57 crore for the corresponding period the previous fiscal year (FY13).

BPCL's total income increased to Rs 64,767 crore during the reporting period from Rs 62,368 crore a year ago. Total expenses expanded to Rs 66,242 crore as against last year's Rs 60,547 crore, the Navratna PSU said.

The fuel retailer's loss before tax stood at Rs 1,528.78 crore as against Rs 1,647.57-crore profit last year.

The company posted a dip in the gross refining margins for the nine month period ended December 31 at $3.50 per barrel as against $4.63 per barrel in the same period last year.

During the nine-month period, the PSU had to absorb Rs 4,162.88 crore as under recoveries (loss on sale) on "sale of sensitive petroleum products", it said.

Shares in BPCL, on Wednesday, ended at Rs 364.80 apiece on the BSE, up 1.49 per cent from the previous close.