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CPCL achieves highest turnover of Rs 25,409 cr during 2005-06

Written by: Staff
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Chennai, May 15 (UNI) The Public Sector Chennai Petroleum Corporation Limited (CPCL) achieved its highest-ever turnover of Rs 25,409 crore during the year 2005-06, registering a record 56 per cent increase over the previous year.

Addressing a press conference here, CPCL Managing Director K K Acharya said the higher turnover against last year's Rs 16,270 crore was mainly due to increase in crude throughput and higher prices for the products based on import-parity.

He said the Profit before interest, depriciation and taxes for the year 2005-06 stood at Rs 1,572 crore as against Rs 1,300 crore recorded during the previous year, marking an increase of 21 per cent.

But, taking into account the loss being incurred by its marketing companies in view of increase in oil prices, the company had provided a discount of Rs 439 crore to these marketing companies, as part of a formula, evolved to share their loss burden.

Following this, the profit before interest, depriciation and tax came down to Rs 1,133 crore and Profit before tax at Rs 723 crore against Rs 934 crore for the previous year. Similarly, the Profit after tax was Rs 481 crore against last year's Rs 597 crore, Mr Acharya said.

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