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CPCL reports net loss of Rs. 55.31 crore in first quarter  

Chennai Petro sees 55-cr loss

Chennai Petroleum Corp on Wednesday reported a net loss of Rs. 55.31 crore in the quarter ended June 30 on lower refining margins. The Chennai-based firm had, in the April-June quarter of the previous fiscal, reported a net profit of 304.72 crore, according to the company's filing to the stock exchanges. The company earned $1.79 on turning every barrel of crude oil into fuel in the quarter against $6.88 per barrel gross refining margin in Q1 of 2009-10 fiscal. Net sales rose to 6,327.65 crore in Q1 this fiscal from 5,660.39 crore a year ago. CPCL, a unit of state-owned IndianOil, turned 2.326 million tonnes of crude oil into product in April-June this year against 2.685 million tonnes throughout a year ago.

The Economic Times, New Delhi, July 29, 2010

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