š š Hindustan Petroleum Corp Ltd (HPCL) on Wednesday reported a 53% drop in June quarter net profit mainly due to inventory losses caused by fall in oil prices and lower refinery margins.
Net profit slipped to ā¹811 crore in April-June as compared to ā¹1,719 crore a year back, the company's Chairman and Managing Director Mukesh K Surana said.
"The decrease in profit is due to sharp decline in crude prices in the month of May and June 2019 leading to inventory loses both at refinery and marketing, and also lower average cracks for all products except for LPG and fuel oil," he said.
The company recorded an inventory loss of ā¹535 crore in Q1 as compared to an inventory gain of ā¹2,332 crore a year back.
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