Bharat Petroleum posts Rs 2,625 crore loss in Q2
Oil PSU, Bharat Petroleum Corporation Ltd. has reported a loss of Rs 2,625.27 crore for the quarter ended September 30, 2008. The company had made a profit of Rs 1,038.16 crore in the corresponding period in the previous year. According to BPCL, its losses are on account of high crude prices and large-scale under recoveries on the sale of petrol, diesel and other petro-products. The company also suffered an exchange rate loss of Rs 714 crore during the quarter.
Net sales for the quarter were up by 50 percent, to Rs 37,850 crore, up from Rs 25,170 crore in the year-ago quarter. According to SK Joshi, Director - Finance, BPCL, under-recoveries have taken a heavy toll on the company's finances. In the last two quarters, the under-recovery figure has shot up to Rs 21,824 crore, which includes Rs 2,300 crore on petrol, Rs 13,630 crore on diesel, Rs 3,046 crore on kerosene and Rs 2,843 crore on LPG.
[Via: indiaautomotive]