Hindustan Petroleum Q2 profit more than doubles, but misses estimates
9 Nov 2017 4:12 PM IST
Net profit for the three months ending September 30 soared to 17.35 billion rupees from 7.01 billion rupees.
Hindustan Petroleum Corp Ltd (HPCL) on Friday reported 56 per cent drop in the June quarter net profit on account of lower refining margins and inventory losses.
State-owned oil refiner Hindustan Petroleum Corp Ltd’s second-quarter net profit more than doubled, but fell short of analysts’ estimates.
Net profit for the three months ending September 30 soared to 17.35 billion rupees ($267 million) from 7.01 billion rupees a year earlier, the company said in a filing on Thursday.
Analysts on average had expected a profit of 20.58 billion rupees, according to Thomson Reuters Eikon data.
Average gross refining margin, the profit earned on each barrel of crude processed, advanced to $6.75 per barrel for the half year ended September 30, from $5.12 per barrel in the same period last year.
Sales grew 13 per cent to 541.53 billion rupees in the quarter.
( Source : reuters )
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