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BPCL first-quarter profit dives 72 percent, misses estimates
August 11, 2017 / 1:11 PM / 4 months ago

BPCL first-quarter profit dives 72 percent, misses estimates

(Reuters) - State-run refiner Bharat Petroleum Corp on Friday reported a 72 percent plunge in first-quarter profit, missing analysts’ estimates.

A Bharat Petroleum oil pump station displays the price of unleaded petrol (0.89$) and Diesel (0.66$) as a pedestrian walks past in New Delhi, India, February 3, 2016. REUTERS/Adnan Abidi/File Photo

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.

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

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