Business Companies 09 Nov 2017 Hindustan Petroleum ...

Hindustan Petroleum Q2 profit more than doubles, but misses estimates

REUTERS
Published Nov 9, 2017, 4:12 pm IST
Updated Nov 9, 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.
Sales grew 13 per cent to 541.53 billion rupees in the quarter.
 Sales grew 13 per cent to 541.53 billion rupees in the quarter.

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.

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