HOEC reports steep 84% decline in consolidated net profit to Rs 8.4 cr

Total income down 45 per cent to Rs 30.51 cr, firm says it has got permission to continue production in PY1 block till April 4

Hindustan Oil Exploration Company (HOEC) has reported a steep fall in consolidated net profit to Rs 8.40 crore for the third quarter of financial year 2020-2021. The company had reported a Rs 53.61 crore consolidated net profit in the same months of financial year 2019-2020.

Consolidated total income reported a near 45 per cent decline to Rs 30.51 crore in the quarter under review, from Rs 55.16 crore in the comparable months of the previous financial year.

 

In a statement to the exchanges, HOEC said that it had got an extension to continue production up to April 4, 2021 by the Government of India (GOI) in the PY1 block. The addendum to the Production Sharing Contract (PSC) for a 10-year extension is currently being processed for execution by the centre.

HOEC also said that it is pursuing another 10-year extension in the PSC for the Kharsang block. An interim extension was given by the government for 8 months after the contract expired on June 15, 2020. The company is now vying for a longer 10-year extension and is settling outstanding issues with the Directorate General of Hydrocarbons.