Mumbai, Aug 2: Hindustan Petroleum Corporation Ltd (HPCL) has registered a lower net profit at Rs 200.63 crore, down by 12.81 per cent for the quarter ended June 30, 2000 as compared to the same period previous year.The company's lower net profit was due to revision in delivery charges and liquified petroleum gas (LPG) cylinder compensation scheme as per petroleum ministry's directive, Hindustan Petroleum Corporation Ltd (HPCL) said in its unaudited results released here today.The company has considered the impact of these revisions in the current quarter even as the revision of delivery charges for the period 1996-98 is yet to be finalised by the government, it said.
The company's net profit was also affected mainly due to sharp decrease in product prices in May 2000 and lower refining margins, it added. However, the oil major's net sales were up by 71.24 percent at Rs 11,103.26 crore as against Rs. 6,483.67 crore in the quarter ended June 30, 1999, HPCL said.
Hindustan Petroleum's depreciation increased to Rs. 99.83 crore as against Rs. 51.92 crore in the same period previous year, it said. Hindustan Petroleum Corporation is the third public sector oil company to registers lower net profit for the current quarter, with Indian Oil Corporation Ltd (IOC) net profit down by 21 per cent (Rs 509 crore) and that of rival navratna public sector Bharat Petroleum Corporation Ltd's (BPCL) by seven per cent to Rs 187.6 crore.
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