IOC turns black on low crude oil prices, under recoveries
BS Reporter / Mumbai Oct 30, 2009, 13:25 IST
Indian Oil Corporation (IOC), an Indian public-sector petroleum company, has turned into black on low under recoveries and low crude oil prices during the quarter ending September 30, 2009.
The company was in red during the corresponding quarter last year as crude prices were ruling high hitting all time record of $147 a barrel.
The company posted a net profit of Rs 284.36 crore in the second quarter of the current fiscal as compared to a loss of Rs 7047.13 crore in the same quarter of the previous year.
Total sales of the company, however, declined 18.74 per cent to Rs 74322.01 crore versus Rs 60392.90 crore.
Total income declined to Rs 61,817.81 crore during the July-September quarter of the current fiscal, from Rs 86,987.47 crore in the corresponding period a year-ago.
The company's gross refining margin for the six months ended September 30 stood at $5.42 per bbl, while it was at $6.36 per bbl in the same period last year.
Shares of IOC were trading at Rs 316.50, up 0.40 per cent over previous close on the BSE.
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