Bharat Petroleum Profit Falls 22.5 Percent
Bharat Petroleum Corporation reported a 22.5 percent fall in second quarter profit as volatile global crude oil prices increased raw material costs and squeezed marketing margins. The state owned refiner posted a standalone net profit of 49.93 billion rupees for the quarter ended September.
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BHARAT PETROLEUM CORP LTD reported a 22.5% fall in second-quarter profit to 49.93 billion rupees ($525.9 million) on Friday morning. The drop in earnings for India's third-largest refiner by capacity follows a year-earlier profit of 64.42 billion rupees. High input costs compressed retail margins despite strong revenue growth during the quarter ended September 30.
