Indian Oil Corporation has posted a 71.72 per cent dip in net profit at Rs 415.13 crore in the April-June quarter of 2008-09, said a statement released by the company. The dip in profit was due to increasing losses in fuel sales
Net profit fell despite the company accounting for oil bonds worth Rs 13,527 crore during the quarter to partly compensate for selling products at subsidised rates. In the year ago quarter, the company had not accounted for any oil bonds, and had posted a net profit of Rs 1,468.41 crore.
Sales during the period under consideration rose by 41.63 per cent to Rs 74,872.6 crore over Rs 52861.96 crore in Q1 of 2007-08 fiscal.
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