High crude oil prices dent HPCL’s third quarter

Hindustan Petroleum Corporation Ltd. has incurred a loss of Rs15.73 crore (US$3.96 million) for the quarter ended December 31, 2007 against a net profit of Rs407.31 crore (US$102.64 million) achieved in the quarter ended December 31, 2006. Total income has risen to Rs27,381.47 crore (US$6.90 billion) from Rs22,396.88 crore (US$5.64 billion) during the same period. The company’s profitability has been adversely affected by high crude oil prices even as it continues to sell refined petroleum products below cost. Under recovery on petrol, diesel fuel, kerosene and cooking gas during April to December 2007 was partially compensated by discounts from upstream oil companies amounting to Rs3,320.39 crore (US$836.74 million). (January 29, 2008)