By Rakteem Katakey
May 29 (Bloomberg) -- Chennai Petroleum Corp., a unit of India’s biggest refiner, said fourth-quarter profit fell 21 percent after earning less from turning crude into fuels.
Net income in the three months ended March 31 declined to 2.72 billion rupees ($57 million) from 3.43 billion rupees a year earlier, the refiner said in a statement to the Bombay Stock Exchange today. Net sales fell 43 percent to 48.1 billion rupees.
Chennai Petroleum earned $6.6 on every barrel of crude turned into fuels, compared with $9.59 a barrel a year earlier, according to the statement. Crude oil in New York rose 11 percent over the three months ending March 31 on optimism the global recession was receding.
India’s state-run refiners sell automobile and cooking fuels at prices fixed by the government to curb inflation.
Chennai Petroleum shares gained 1.6 percent to 182.60 rupees at 10:19 a.m. in Mumbai trading. The benchmark Sensitive Index climbed 1.1 percent.
Indian Oil Corp. held 52 percent of Chennai Petroleum as of Dec. 31, according to data compiled by Bloomberg.
To contact the reporter on this story: Rakteem Katakey in New Delhi at rkatakey@bloomberg.net.
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