Staff Reporter

Gross refining margin at $5.4 a barrel Gross refining margin at $5.4 a barrel

Net sales of Rs.5,463 crores in first quarterCrude throughput touches more than 2 million tonnes

KOCHI: Kochi Refineries Limited (KRL) has recorded a net profit of Rs.166 crores during the first quarter of the current financial year. This is seen as a significant improvement over the same period during the last financial year when the refinery logged a net profit of Rs.116 crore.

For the whole of last financial year, the net profit stood at nearly Rs.211 crore.

The financial results for the first three months of the current financial year were taken on record by the board of directors of the company at its meeting held on Monday.

Notes indicated that profit for the current quarter is net of discount of Rs.135.7 crores offered to oil marketing companies as part of the sharing of subsidy and impact of Rs.23.1 crores on account of shift to new pricing at Refinery Gate for MS and HSD with effect from June 16 this year.

The company has also noted that the gross refining margin (GRM) for the quarter under review was US Dollars 5.4 per barrel as compared to US Dollars 7.5 per barrel for the corresponding previous quarter.

KRL recorded net sales of Rs.5,463 crores during the period under review. This compares favourably with the Rs.2,202-crores sales during the first quarter of the last financial year. For the whole of last financial year, the net sales stood at Rs.14,720 crores.

Crude throughput at KRL crossed two million tonnes during the first three months. During the same period last year, the crude throughput was 1.07 million tonnes.

During 2005-06, the crude throughput was 6.93 million tonnes.