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IOC Q3 net rises 41 per cent

Indian Oil Corporation reported a 41.5 pct rise in net profit to Rs 2,958.59 crore in third quarter.

Written by Agencies | New Delhi |
January 30, 2009 12:16:27 pm

Indian Oil Corporation,the nation’s largest oil firm,on Friday reported a 41.5 per cent rise in its net profit to Rs 2,958.59 crore in the third quarter ended December 31,2008.

Net profit in the three months was better than Rs 2,090.69 crore net income in the third quarter of 2007-08 fiscal,a company statement said in New Delhi.

Net sales improved to Rs 61,285.67 crore in October-December from Rs 58,960.05 crore a year ago.

However,the company reported a net loss of Rs 3,673.41 crore in first nine months of current fiscal mainly due to the Q2 losses. In April-December of previous fiscal,the company had posted a net profit of Rs 7,376.85 crore.

IOC earned USD 3.37 on processing every barrel of crude oil this fiscal against USD 9.10 per barrel gross refining margin last year. “Refining margin is lower mainly due to fall in the international crude oil prices resulting in inventory losses,” it said.

Net sales rose to Rs 210,864.04 crore in April-December from Rs 161,608.46 crore in the same period the previous year.

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