(Reuters) - State-run refiner Bharat Petroleum Corp on Friday reported a 72 percent plunge in first-quarter profit, missing analysts’ estimates.
Profit fell to 7.45 billion rupees ($116.18 million), for the three months ended June 30, from 26.21 billion rupees a year ago, the company said. bit.ly/2uMM7J0
Analysts on average had expected the company to post a quarterly profit of 14.06 billion rupees, according to Thomson Reuters data.
Total expenses in the quarter jumped 24 percent to 663.09 billion rupees.
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 last year.
($1 = 64.1250 Indian rupees)
Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sherry Jacob-Phillips