Bharat Petroleum Corporation reported a net loss of INR 158.8 crore for Q2 ended September 30th 2009, largely because the government did not issue it bonds to compensate for losses on cooking fuel sales.

Bharat Petroleum’s losses in the July to September quarter narrowed to INR 158.8 crore from INR 2,625.3 crore a year ago. Its turnover fell by 27.9% to INR 27,513.4 crore from INR 38,148.7 crore on a dip in price it realized for the fuel it sold from Mumbai and Kochi refineries.

During the quarter, BPCL’s refining margins profits on processing every barrel of crude from the Mumbai refinery more than halved to USD 2.14 per barrel. Similarly, its refining margins for the Kochi refinery fell to USD 6.25 per barrel from USD 11.77 in the year ago period.

(Sourced from Economic Times)