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Strategies & Market Trends : India Coffee House
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To: Mohan Marette who wrote (8754)10/21/1999 11:44:00 PM
From: Mohan Marette  Read Replies (1) of 12475
 
Hindustan Petroleum net jumps 10% to Rs 479 cr ($107 million)

hindpetro.com

Mumbai, Oct 21:

Hindustan Petroleum Corporation has reported a net profit of Rs 479.41 crore ($107 million) for the first half of the current financial, a 10 per cent jump from Rs 435.44 crore reported in the same period last year. Gross turnover was Rs 14,510.88 crore ($ 3.23 billion) as against Rs 12,428.72 crore while other income fell to Rs 47.31 crore from Rs 106.26 crore.

Total expenditure in the current year was higher at Rs 13,094.58 crore compared to Rs 10,399.98 crore while interest was down to Rs 48.47 crore from Rs 53.16 crore. Depreciation increased more than three fold from Rs 82.16 crore to Rs 292.86 crore.

In a press release issued here on Thursday, HPCL has stated that net sales of Rs 7,589.80 crore in the second quarter was higher than gross turnover (Rs 7,423.16 crore) on account of a net pool claim of Rs 167 crore as against net surrendered to the pool in the same year.

Similarly, other income in the second quarter at Rs 15.77 crore is lower than the previous year (Rs 66.38 crore) due to redemption of 10.5 per cent oil bonds and conversion of MRPL debentures into equity. Depreciation is higher due to provision on LPG cylinders amounting to Rs 188.41 crore as against nil in the previous year.

Crude throughput during April-September 1999 was 5.64 million tonnes as against 4.41 million tonnes in the previous year. Market sales totalled 8.57 million tonnes, up from 8.02 million tonnes while pipeline throughput was 3.14 million tonnes as against 2.22 million tonnes.

(MG via FE)
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