Chennai Petroleum Corporation Ltd on Friday said it reported standalone net profits at Rs 271.63 crore for the quarter ending June 30, 2020. The city-based group company of IndianOil had reported a standalone net loss at Rs 233.41 crore during the corresponding quarter of the previous financial year. For the year ending March 31,2020, standalone net loss was Rs 2,077. 58 crore. Total income for the quarter under review slipped to Rs 5,986.44 crore from Rs 12,738. 29 crore registered in the same quarter last fiscal. For the year ending March 31,2020, standalone total income was Rs 48,729.04 crore. The crude output for the quarter under review was ''significantly'' lower due to lower demand for petroleum products on account of COVID-19 pandemic, the company said. The average gross refining margin for the April-June 2020 period was at USD 11.94 per bbl (as against USD 1.41 per bbl in the previous year). The gross refining margin was higher, mainly due to favourable increase in prices of crude and products during the quarter ending June 30, 2020. Chennai Petroleum Corporation Ltd said other income for the period April-June 2020 includes an insurance claim of Rs 30 crore settled by the insurer in the quarter (April-June 2020) on account of damages sustained during the floods in Chennai in 2015.