IOC Q3 net rises 41% to Rs 2,959 cr

Written by Press Trust of India | New Delhi | Updated: Feb 1 2009, 03:41am hrs
Indian Oil Corporation, the nations largest oil firm, on Friday reported a 41.5% rise in net profit to Rs 2,958.59 crore in the third quarter ended December 31, 2008.

Net profit in the three months was better than Rs 2,090.69 crore net income in the third quarter of 2007-08 fiscal, a company statement said here.

Net sales improved to Rs 61,285.67 crore in October-December from Rs 58,960.05 crore a year ago.

However, the company reported a net loss of Rs 3,673.41 crore in first nine months of the current fiscal mainly due to Q2 losses. In April-December of the previous fiscal, the company had posted a net profit of Rs 7,376.85 crore.

IOC earned $ 3.37 on processing every barrel of crude oil this fiscal against $ 9.10 per barrel gross refining margin last year. Refining margin is lower mainly due to fall in the international crude oil prices resulting in inventory losses, it said.

Net sales rose to Rs 210,864.04 crore in April-December from Rs 161,608.46 crore in the same period the previous year.

Meanwhile, IOC said it sees marginal change in aviation turbine fuel prices when reviewed on Saturday. There will be a marginal increase or decrease in the ATF prices when they are reviewed, IOC chairman Sarthak Behuria said.