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HPCL net drops 34 p.c.

MUMBAI, OCT. 29. Hit by freeze on petroleum product prices and sharing of subsidies, Hindustan Petroleum Corporation has posted a 33.6 per cent drop in its net profit at Rs. 294.31 crores for the second quarter ended September 30, 2004, against Rs. 443.40 crores in the corresponding quarter of the previous fiscal.

Net sales stood higher at Rs. 13,522.67 crores against Rs. 11,683.92 crores, the company said in a release here today.

The gross refining margin during the first half for Mumbai refinery was $4.85 a barrel and $6.66 a barrel for the Visakhapatnam refinery.

An amount of Rs. 557.25 crores has been accounted for during the first half of the current fiscal towards discount receivable from ONGC/GAIL on purchase of crude oil/LPG/SKO as pat of their share of under recovery on LPG (domestic) and SKO (PDS). The discount for the corresponding period of previous year amounting to Rs. 290.49 crores was not accounted in the first half of 2003-04 as the scheme was approved by the Government only in December 2003.

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