HPCL net zooms 287%

Visakhapatnam, May 30 (UNI) Spurred by excellent performance in refining and marketing, Hindustan Petroleum Corporation Limited(HPCL) reported a 287 per cent increase in net profit for the fiscal 2006-07 at Rs 1,571 crore against Rs 406 crore last year.

According to a release here today, the HPCL recorded the highest ever turnover of Rs 91,448 crore, an increase of 23.50 per cent over the previous year.

The profit before tax was Rs 3,094 crore. The company declared a final dividend of Rs 12 per share in addition to the interim dividend of Rs six per share already announced.

The HPCL refineries at Mumbai and here together recorded a throughput of 16.66 million metric tonne in 2006-07 against 13.82 MMT in 2005-06.

The combined gross margins in these refineries were reported at 4.07 USD per barrel as against 2.86 USD per barrel for the corresponding period last year.

UNI