New Delhi: State-owned Bharat Petroleum Corp Ltd (BPCL) on Thursday reported a 10.6 per cent drop in net profit for the March quarter on back of a slump in oil prices.
Net profit in the quarter ended March 2016 fell to Rs 2,549.08 crore as against Rs 2,852.89 crore in the corresponding period a year ago, the company said in a filing to the stock exchanges.
Sales were down at Rs 44,197.09 crore in the fourth quarter of fiscal year 2015-16, as against Rs 51,346.12 crore in the year-ago period.
The company turned 6.22 million tonnes of crude oil into fuel, up from 6.11 million tonnes in the fourth quarter of 2014-15. Fuel sales also rose to 9.78 million tonnes from 8.69 million tonnes.
Exports were however flat at 0.54 million tonnes.
For the full fiscal year 2015-16, BPCL reported a net profit of Rs 7,431.88 crore, as against Rs 8,463.98 crore for the previous financial year.
The company said it earned $6.59 on turning every barrel of crude oil into fuel in 2015-16 as opposed to a gross refining margin of $3.62 a barrel in the previous fiscal year.
It got fully compensated for the loss it makes on selling domestic cooking gas LPG and PDS kerosene at subsidised rates.
It received Rs 1,598.49 crore from the government as fuel subsidy and another Rs 198.01 crore as dole from upstream firms like ONGC.
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