February 9, 2018 / 12:13 PM / 6 months ago

BPCL third-quarter profit slips 6 percent

(Reuters) - State-run refiner Bharat Petroleum Corp Ltd on Friday posted a near 6 percent fall in third-quarter profit, but still marginally beat 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/Files

Profit for the quarter ended Dec. 31 stood at 21.44 billion rupees ($332.93 million) compared with 22.72 billion rupees last year, the company said in a filing. bit.ly/2Ev3Mxu

Analysts on average had expected the refiner to post a profit of 21.18 billion rupees, Thomson Reuters Eikon data showed.

Average gross refining margin, the difference between the cost of crude oil processed and the prices of refined products, rose to $7.89 per barrel for the quarter ended Dec. 31, from $5.90 per barrel in the same period last year.

Revenue from operations for the quarter rose 9.5 percent to 701.95 billion rupees.

($1 = 64.3975 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Editing by Vyas Mohan

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