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Bharat Petroleum Surprises Analysts With Three-Fold Jump In April-June Profit

Brent crude oil futures climbed about 13 per cent in the June quarter.

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Bharat Petroleum Surprises Analysts With Three-Fold Jump In April-June Profit

BPCL logged a net profit of Rs 2,293 crore in the fiscal first quarter that ended on June 30

Bharat Petroleum Corporation reported a better-than-expected quarterly profit on Wednesday, helped by strong refining margins.

Profit rose three-fold from a year earlier to Rs 2,293 crore ($334.16 million) in the first quarter ended June 30, the state-controlled oil refining and marketing company said.

Analysts on average had expected a net profit of Rs 1,998 crore, according to Thomson Reuters.

Brent crude oil futures climbed about 13 per cent in the June quarter.

Average gross refining margin, the difference between the cost of crude oil processed and the prices of refined products, rose to $7.49 per barrel from $4.88 per barrel a year earlier.

($1 = 68.6200 Indian rupees)

© Thomson Reuters 2018

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