Dip in crude prices pull IOC out of red

State-run Indian Oil Corporation (IOC) posted a net profit of Rs 284.4 crore for the second quarter of the current financial year ended September 30,against a loss of Rs 7,047 crore for the same quarter in the previous year. The dip in crude oil prices helped IOC cut losses on fuel sales. However,its sales were down at Rs 60,392.9 crore in Q2 versus Rs 74,705.8 crore during Q2 last fiscal. The under-recovery on account of non-realisation of market-related prices for PDS kerosene and LPG (domestic) for the second quarter was Rs 4,175 crore.

The company’s gross refining margin for the six months ended September 30 stood at $5.42 per bbl,while it was at $6.36 per bbl in the same period last year. BM Bansal,director (projects & business development),said IOC sold 16.726 million tonnes,including exports,during the second quarter of 2009-10. Its eight refineries registered a combined throughput of 12.412 million tonnes,with a capacity utilisation of 99.9 per cent.