HPCL profit rises 215 per cent to Rs 2,355 crore in third quarter amid oil crisis

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State-owned Hindustan Petroleum Corporation (HPCL) reported a net profit of Rs 2,354.6 crore on a standalone basis for the three months ended December, recording a 215% rise from the same period a year ago. The company attributed the rise in profit to effective refinery scheduling and inventory management, “duly supported by favorable crude price movements leading […]

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ArcelorMittal flags lower profits

ArcelorMittal, the world’s largest steelmaker, forecast its steel shipments would fall by up to a third in the second quarter, leading to sharply lower profits as coronavirus restrictions hit demand. The company said it had suspended dividend payments until further notice and was cutting planned investment this year by a quarter, but Chief Financial Officer […]

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China’s energy regulator for phasing out coal power plants to tackle electricity glut

China’s top energy regulator is forging ahead with plans to phase out coal-fired power plants in an effort to tackle an electricity glut, as rising coal prices squeeze profit margins of power companies, according to media reports. The National Energy Administration (NEA) has demanded that the electricity firms eliminate 100 outdated coal-fired power plants, which […]

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Rising prices help Chinese coal companies clock higher profits even as output falls – report

Chinese coal companies saw falling sales, but improving profits in 2016, the official Xinhua news agency reported, as prices of the commodity rose. Raw coal output reached about 2.3 billion tonnes in 2016, down 11.2 percent year on year, with sales dropping 9.29 percent compared with 2015, according to data released by China National Coal […]

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