New Delhi: Public Sector Hindustan Petroleum Corporation Ltd. (HPCL) net profit declined 99 percent to Rs 27 crore for the quarter ended March 31, 2020. The company’s profit has come down due to lower refining margins and loss in petroleum reserves due to lower oil prices in the international market.
Earlier, in the same quarter of the financial year 2018-19, the company made a net profit of Rs 2,970 crore. HPCL chairman and managing director MK Surana told reporters, “The main reason for the decrease in net profit is the loss on the earlier remaining oil reserves and fluctuations in the exchange rate.” There was a loss of Rs 4,113 crore on the stock of goods in the quarter, while in the same quarter last year it had a profit of Rs 1,224 crore.
