Standard Post with Image

CPCL gains from higher Gross Refining margin

Higher gross refining margins have contributed to Chennai Petroleum Corporation Ltd reporting a profit for the fourth quarter of 2013-14. For the quarter ended March 31, the oil refinery, a group company of IndianOil Corporation, has reported a net profit of INR 49.81 crore, compared with a net loss of INR 392.23 crore. Gross sales stood at INR 14,608 crore during the quarter against INR 13,586 crore a year ago.

According to a filing, the company reported a net loss of INR 303.85 crore for the full fiscal, down from a loss of INR 1,766.84 crore in the previous year. Gross sales in FY14 stood at INR 53,923.7 crore (INR 46,842.5 crore). During the March quarter, the refinery processed 2.8 million tonnes. The gross refining margin was $1.96 a barrel ($0.80).

Source-On Request