IOC to pay 40

NEW DELHI, June 27: Despite a fall in profitability, the Indian Oil Corporation IOC will maintain a dividend of 40 per cent 8212; the same as last year. Though the corporation chalked a turnover of Rs 55,389 crore 8212; up 26 per cent from previous year8217;s Rs 43,862 crore, profit before tax PBT remained stagnant at Rs 1,766.23 crore. Last year8217;s PBT was Rs 1,765.33 crore.

What compounded the problem was the large borrowings of Rs 13,178 crore that the IOC incurred. It borrowed Rs 4,951 crore more during 1996-97.