HPCL first-quarter profit falls about 56 percent, misses estimates

REUTERS – State-owned oil refiner Hindustan Petroleum Corp said on Friday profit fell 56 percent in its fiscal first quarter, missing analysts’ estimates.

Net profit for the quarter ended June 30 came in at 9.25 billion rupees ($ 145.26 million), from 20.98 billion rupees a year earlier, the company said. (bit.ly/2v4RzZz)

Analysts on average expected a profit of 10.28 billion rupees in the quarter, according to Thomson Reuters data.

Gross refining margins, or profit earned on each barrel of crude processed, dropped to $ 5.86 per barrel, compared with $ 6.83 per barrel in the same period last year.