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IOC Q3 net profit dives 90% on inventory losses due to falling oil prices

The company logged a profit of Rs 716.82 crore, or Rs 0.76 per share, in the third quarter of 2018-19 financial year

Press Trust of India  |  New Delhi 

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State-owned (IOC) Wednesday reported 91 per cent plunge in December quarter net profit after it suffered inventory losses due to falling

The company logged a profit of Rs 716.82 crore, or Rs 0.76 per share, in the third quarter of 2018-19 financial year, showing a decline of 90.9 per cent year-on-year.

In the year-ago period, the profit stood at Rs 7,883.22 crore, the company said in a regulatory filing.

The turnover rose to Rs 1.6 lakh crore from Rs 1.32 lakh crore.

As international slipped from a four-year high recorded in the early part of October, the company accounted for inventory losses as the value of fuel it held slumped.

IOC said domestic fuel sales were up 3 per cent to 21.5 million tonne (MT) while its refineries turned almost 19 MT of into fuel in the quarter. This is compared with 18.23 MT crude throughput in October-December 2017.

First Published: Wed, January 30 2019. 14:15 IST
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