Oil India fourth-quarter profit drops 96% to Rs 19 crore as one-time charge weighs

Analysts on average had expected the oil and gas explorer, which also owns assets in the United States and Africa, to post a profit of Rs 5.70 crore

Reuters May 29, 2017 18:09:19 IST
Oil India fourth-quarter profit drops 96% to Rs 19 crore as one-time charge weighs

State-run Oil India Ltd posted a 96 percent fall in fourth-quarter profit, hurt by a one-time charge realised on the pre-discount and post-discount price of crude oil paid to a state government.

Net profit was Rs 19.31 crore ($2.99 million) in the quarter ended 31 March, compared with Rs 470 crore a year earlier, the company said on Monday.

Oil India fourthquarter profit drops 96 to Rs 19 crore as onetime charge weighs

Reuters

Analysts on average had expected the oil and gas explorer, which also owns assets in the United States and Africa, to post a profit of Rs 5.70 crore, according to Thomson Reuters data.

The company said it recognised a differential royalty of Rs 1,152 crore in the March quarter which had been paid earlier to the State Government of Assam.

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