CPCL clocks Rs 251-million net profit in Q1
By Pradeep Rane | 15 Jul 2002
Mumbai: Chennai Petroleum Corporation Ltd (CPCL) has posted a net profit of Rs 250.60 million for the quarter ended 30 June 2002 as compared to Rs 102.10 million for the quarter ended 30 June 2001.
The total income has increased from Rs 16,186.30 million in JQ01 to Rs 19,379.50 million in JQ02. CPCL had reported a gross profit of Rs 295.9 crore during the year ended 31 March 2002 over Rs 381.6 crore the previous year.
CPCL escaped with a sharp drop in current tax liability at Rs 7.19 crore (Rs 25 crore) and reported a net profit of Rs 81.7 crore (Rs 122.4 crore). But the deferred tax provision depressed its final net profit to Rs 63.7 crore. The company, which reported heavy losses in the first half, had recovered in the latter half by significantly reducing operational costs.
It had also reduced interest costs to Rs 128 crore (Rs 131 crore), and the depreciation provision declined to Rs 79 crore (Rs 102.7 crore). The board has trimmed dividend to 20 per cent against 25 per cent paid in 2000-01. Last year, the total crude throughput improved to 6.7 million tonnes (6.6 million tonnes).
The union cabinet committee on economic affairs had earlier given approval to CPCL to pull out from its petrochemical joint venture with Spic. CCEA had given approval for the memorandum of settlement reached between Spic and CPCL in 1998 for ending their bitter litigation over the competitive ventures promoted by Spic for the manufacture of PTA, PFY and other products.
