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Oil India Q4 net profit falls 96% to Rs 19 crore

It was hurt by one-time charge on pre- & post-discount price of crude oil paid to a state govt

Reuters 

Oil India, Oil India plant
Oil India plant. Photo: http://www.oil-india.com

State-run posted a 96 per cent fall in fourth-quarter profit, hurt by a one-time charge realised on the pre-discount and post-discount price of paid to a state government.

Net profit was Rs 19.31 crore ($2.99 million) in the fourth quarter of the financial year (FY) 2016-17, compared with Rs 470 crore a year earlier, the company said on Monday. 

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 5.70 billion rupees, 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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Oil India Q4 net profit falls 96% to Rs 19 crore

It was hurt by one-time charge on pre- & post-discount price of crude oil paid to a state govt

It was hurt by one-time charge on pre- & post-discount price of crude oil paid to a state govt

State-run posted a 96 per cent fall in fourth-quarter profit, hurt by a one-time charge realised on the pre-discount and post-discount price of paid to a state government.

Net profit was Rs 19.31 crore ($2.99 million) in the fourth quarter of the financial year (FY) 2016-17, compared with Rs 470 crore a year earlier, the company said on Monday. 

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 5.70 billion rupees, 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.

image
Business Standard
177 22

Oil India Q4 net profit falls 96% to Rs 19 crore

It was hurt by one-time charge on pre- & post-discount price of crude oil paid to a state govt

State-run posted a 96 per cent fall in fourth-quarter profit, hurt by a one-time charge realised on the pre-discount and post-discount price of paid to a state government.

Net profit was Rs 19.31 crore ($2.99 million) in the fourth quarter of the financial year (FY) 2016-17, compared with Rs 470 crore a year earlier, the company said on Monday. 

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 5.70 billion rupees, 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.

image
Business Standard
177 22