CPCL posts Rs 511 cr net
New Delhi   25-May-2011

Chennai Petroelum Corporation, a group company of IOC, has reported better performance for the fiscal 2010-11 and has completed slew of projects during the fiscal year. The company has proposed a capex of Rs 1,335 crore the current year besides ongoing expansion activities worth Rs 6,186 crore in four projects. CPCL has posted net profit of Rs 511.52 crore for the year 2010-11 as against Rs 603.22 crore in 2009-10. The net profit of 2009-10 included tax refund of Rs 149.70 crore.

The company has reported improved gross refinery margins for the past two years. It achieved GRM of $5.02 per barrel for 2010-11, net of under recoveries, as against $ 4.75 per barrel in 2009-10. Gross sales of the firm were up at Rs 38,128.26 crore as against Rs 29,183.84 crore.