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CPCL net nearly doubles

Indias Chennai Petroleum Corporation Limited (CPCL), a group company of IndianOil, has nearly doubled its net profit to Rs1,122.95 crore (US$262.02 million) in the year ended March 31, 2008 from Rs565.27 crore (US$131.90 million) in the previous year. The turnover at Rs32,889.32 crore (US$7.67 billion) against Rs29,349 crore (US$6.85 billion) a year ago, was the highest ever achieved by the company, according to S. Behuria, chairman of the company. Addressing the press, Behuria said the company could achieve a gross refining margin of US$8.47 per barrel for 2007-08 (net of recoveries) against US$5 the previous year. In fact, the gross refining margin was US$9.59 in the last quarter of 2007-08, he said. The directors have recommended a final dividend of 120%. The gross throughput was 10.26 million tons, with the Manali Refinery contributing 9.80 million tons. (May 16, 2008)