Chennai Petroleum incurs loss

Chennai Petroleum Corporation has reported a loss of Rs. 48.83 crores before tax during the six months ended September 30, 2001 against a profit of Rs. 35.19 crores in the same period in the previous year. The refining margins during the period under review in general were low. This coupled with sluggish demand for products including offtake of lubes together with throughput reduction of around 2.50 lakh tonnes due to acute water shortage impacted the profitability, according to a company release.

The crude throughput for the six months was 3.17 million tonnes while the turnover on sale of products amounted to Rs. 3,102 crores.

With an improvement in refining margins from October the management is confident of achieving improved profitability in the second half of this year.

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