IOC Q1 loss narrows to Rs 3,093 cr

Written by feBureau | Press Trust of India | New Delhi | Updated: Aug 14 2013, 10:31am hrs
State-owned Indian Oil Corporation (IOC) on Tuesday reported a net loss of R3,093.23 crore in the June quarter.

The loss narrowed from R22,450.95 crore in the same period a year ago, the company said in a filing to the stock exchanges. Turnover rose to R110,466.61 crore in April-June from R96,860.69 crore.

The company earned $1.67 on turning every barrel of crude oil into fuel, compared with a negative gross refining margin of $4.81 a year earlier.

The loss was because the company had to absorb R1,211.67 crore after accounting for R4,261.29 crore in cash subsidy from the government and another R8,151.77 crore in assistance from companies such as ONGC for selling diesel and cooking fuel below cost of production.

BPCL posts Q1 profit of R150.32 crore

Bharat Petroleum Corporation (BPCL) on Tuesday reported a net profit of Rs 150.32 crore for the first quarter ended June 30, 2013 compared with a loss of Rs 8,836.75 crore in the same period last year, on improved refining margins and timely subsidy payment from the government. For the latest reported first quarter, the state run refiner, which sells petroleum products such as diesel, cooking gas and kerosene below market price, received

Rs 1,916.57 crore in cash subsidies from the government and Rs 3,666.36 crore in discounts on crude and other products purchased from state run upstream companies.