Financial Daily from THE HINDU group of publications
Tuesday, Oct 29, 2002
Corporate - Performance
CPCL gains on global crude prices
CHENNAI, Oct. 28
HIGHER prices of petro-products, which have moved up in sympathy with the higher international crude oil prices, have enabled Chennai Petroleum Corporation Ltd to turn in better results for the quarter ended September 2002.
The company's net profit for the quarter amounted to Rs 20.11 crore, as against a net loss of Rs 60.94 crore in the corresponding quarter of last year.
Turnover increased to Rs 1,805.87 crore, as against Rs 1,427.96 crore. A senior official of the company told Business Line that sharp swings in turnover and profitability of CPCL would be normal in the future, as now the petro-products prices are linked to the volatile international crude prices.
Interest costs dropped to Rs 25.73 crore from Rs 29.74 crore, as the company pre-paid some loans taken from the Oil Industry Development Board (OIDB).
In the first half of the current year, the company's turnover increased to Rs 3,789.42 crore, from Rs 3,102.02 crore in the same period last year. Net profit increased to Rs 45.17 crore, from a net loss of Rs 50.73 crore previously.
Answering a question, the official said that the company's Rs 90-crore jetty project at Nagapattinam was completed, and would be inaugurated shortly.
He said that the 3-mtpa expansion project at Manali (near here) was proceeding as per schedule.
He said that no official communication had been received from National Iranian Oil Company, which holds 15.38 per cent in CPCL, about NIOC's intention to raise its stake.
There have been reports in the media recently, quoting NIOC's officials that the company wanted to up its stake in CPCL.
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