BPCL Q1 Profit Dives 72%

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(The Mint)

State-run refiner Bharat Petroleum Corp. Ltd (BPCL) on Friday reported a 72% plunge in first-quarter profit, missing analysts’ estimates. The company’s profit fell to Rs745 crore for the quarter ended 30 June 2017, from Rs2,621 crore in the year-ago period, the company said.

Analysts on average had expected the company to post a quarterly profit of Rs1,406 crore, according to Reuters data. Total expenses of the company in the quarter under review jumped 24% to Rs66,309 crore. BPCL’s June-quarter gross refining margin, or profit earned on each barrel of crude processed, slipped to $4.88 per barrel, compared with $6.09 per barrel in the same period in 2016.

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