India's BPCL Q1 profit dives 72%, misses estimates

[BENGALURU] State-run refiner Bharat Petroleum Corp on Friday reported a 72 per cent plunge in first-quarter profit, missing analysts' estimates.

Profit fell to 7.45 billion rupees (S$158.2 million), for the three months ended June 30, from 26.21 billion rupees a year ago, the company said.

Analysts on average had expected the company to post a quarterly profit of 14.06 billion rupees, according to Thomson Reuters data.

Total expenses in the quarter jumped 24 per cent to 663.09 billion rupees.

June-quarter gross refining margin, or profit earned on each barrel of crude processed, slipped to US$4.88 per barrel, compared with US$6.09 per barrel in the same period last year.

REUTERS