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Higher gross refining margins have contributed to Chennai Petroleum Corporation Ltd reporting a profit for the fourth quarter of 2013-14.
For the quarter ended March 31, the oil refinery, a group company of IndianOil Corporation, has reported a net profit of ₹49.81 crore, compared with a net loss of ₹392.23 crore. Gross sales stood at ₹14,608 crore during the quarter against ₹13,586 crore a year ago.
According to a filing to BSE, the company reported a net loss of ₹303.85 crore for the full fiscal, down from a loss of ₹1,766.84 crore in the previous year. Gross sales in FY14 stood at ₹53,923.7 crore (₹46,842.5 crore).
During the March quarter, the refinery processed 2.8 million tonnes.
The gross refining margin was $1.96 a barrel ($0.80).
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