Indian Oil Corporation's net profit dives 90% in December quarter, turnover up 21%

  • IOC logged a profit of Rs 716.82 crore, or Rs 0.76 per share, in the third quarter of 2018-19 financial year, showing a decline of 90.9 percent year-on-year

  • It's turnover rose to Rs 1.6 lakh crore from Rs 1.32 lakh crore

  • As international oil prices slipped from a four-year high recorded in the early part of October, the company accounted for inventory losses as the value of fuel it held slumped

New Delhi: State-owned Indian Oil Corp (IOC) on Wednesday reported 91 percent plunge in December quarter net profit after it suffered inventory losses due to falling oil prices.

 Indian Oil Corporations net profit dives 90% in December quarter, turnover up 21%

Representational image. Reuters.

The company logged a profit of Rs 716.82 crore, or Rs 0.76 per share, in the third quarter of 2018-19 financial year, showing a decline of 90.9 percent year-on-year.

In the year-ago period, the profit stood at Rs 7,883.22 crore, the company said in a regulatory filing.

The turnover rose to Rs 1.6 lakh crore from Rs 1.32 lakh crore.

As international oil prices slipped from a four-year high recorded in the early part of October, the company accounted for inventory losses as the value of fuel it held slumped.

IOC said domestic fuel sales were up 3 percent to 21.5 million tonne (MT) while its refineries turned almost 19 MT of crude oil into fuel in the quarter. This is compared with 18.23 MT crude throughput in October-December 2017.

 

 

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Updated Date: Jan 30, 2019 15:15:40 IST