Bharat Petroleum’s third quarter profit up 172 percent

January 29th, 2009 - 7:54 pm ICT by IANS  

New Delhi, Jan 29 (IANS) State-run refiner Bharat Petroleum Corp Ltd (BPCL) Thursday announced 172 percent rise in net profit for the quarter ended Dec 31 over the year-ago period.The company’s net profit went up to Rs.7.9 billion (Rs.790 crore/$161 million) in the third quarter from Rs.2.9 billion a year ago.

The total income rose 10 percent in the October-December quarter to Rs.321.8 billon against Rs.292.5 billion in the corresponding period last year.

But the company reported a net loss of Rs.28.9 billion for the first nine months till Dec 31, 2008, compared to a profit of Rs.15.2 billion a year earlier.

“Financial results of the nine months period have been adversely affected by the impact of high crude oil and product prices, which could not be fully passed on to the consumers,” said a company release.

Further, BPCL suffered a loss of Rs.12.8 billion due to foreign exchange fluctuations during the nine-month period.

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