Hindustan profit down 30%

Indian state-run oil firm Hindustan Petroleum Corp. Ltd. said increased expenditure and interest costs pushed fourth-quarter net profit down 30% for the 2007 fiscal year ending March 2008, despite higher sales. Net sales rose 44% year on year to Rs314.71 billion (US$7.34 billion) from Rs218.50 billion (US$5.09 billion). The oil marketer’s expenditure rose 50% year on year to Rs312.54 billion (US$7.3 billion), while interest costs surged 98% to Rs3.01 billion (US$70.23 million). (May 29, 2008)