New Delhi: State-owned oil and natural gas firm, Hindustan Petroleum (HPCL), today reported its net profit fell 87.30 per cent to Rs 247.55 crore for the third quarter ended December 2018, on the back of increased expenses and inventory loss.The company had reported a net profit of Rs 1,950 crore in the year-ago period.
HPCL’s expenses ballooned 27 per cent to Rs 77,106 crore during the quarter, as compared to Rs 60,688 crore reported in the corresponding period a year ago.
“Other expenses for the period April-December, 2018, includes Rs 827.08 crores towards loss on account of foreign currency transactions and translations. During, April-December, 2017, gain of Rs 406.64 crores on account of foreign currency transactions and translations was included in other income,” HPCL said in a Bombay Stock Exchange (BSE) filing.
HPCL’s crude throughput in the quarter increased marginally to 4.56 million tonne (MT), as compared to 4.52 MT reported in the same quarter previous year.
“Average gross refining margin during the nine months ended December 31, 2018, was $5.17/bbl as against $7.51/bbl during the corresponding period of previous year,” HPCL said.
The fuel retailer’s domestic sales increased 2.27 per cent to 9.44 MT for the third quarter ended December 2018. Also, exports increased 43 per cent to 0.30 MT during the quarter.
HPCL’s pipeline throughput increased to 5.22 MT during the quarter, as compared to 5.17 MT recorded in the corresponding quarter a year ago.
HPCL’s net profit for the first nine months of financial year 2018-2019 declined 33.62 per cent to Rs 3,059 crore, as compared to Rs 4,609 crore reported in the year-ago period.
HPCL’s share price at BSE today closed at Rs 225, down 0.86 per cent as compared to previous close.