Hindustan Oil Exploration posts Rs 4.2 cr profit for Q3

Hindustan Oil Exploration Co Ltd (HOEC) today reported return to black with a net profit of Rs 4.26 crore in the third quarter of current fiscal.

HOEC, a Chennai-based firm that is in oil and gas exploration and production business, had a recorded a net loss of Rs 118 crore in the same period a year ago. It had a net loss of Rs 1,221.01 crore in the 2014-15 fiscal year.

Sales fell 30 per cent to Rs 6.71 crore on back of a slump in international oil prices, the company said in a regulatory filing.