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IOC Q3 net profit falls 91 pc
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IOC Q3 net profit falls 91 pc

New Delhi, Jan 30 : Suffering from inventory losses due to fall in crude oil prices, state owned Indian Oil Corporation (IOC) registered a loss of 90.90 per cent in its net profit to Rs 716.82 crore in the third quarter of 2018-19 as compared to Rs 7883.22 crore in the corresponding quarter previous year.

However, the company reported a revenue from operations of Rs 1,60,137.96 crore in Q3 against Rs 1,30,875.98 crore in the corresponding period during the last year, registering a profit of 22.35 per cent.

Indian Oil Chairman Sanjiv Singh briefing reporters here on Wednesday said, "Indian Oil sold 67.256 million tonnes of products, including exports, during the first nine months of 2018-19. Our refining throughput for 9 months 18-19 was 54.465 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 67.300 million tonnes during the same period. The gross refining margin (GRM) during the period April-December'18 was US$ 5.83 per bbl as compared to US$ 8.28 per bbl in corresponding period of FY 17-18.”

He also said that for the third quarter of FY 18-19, Indian Oil's product sales volumes, including exports, was 22.794 million tonnes. The refining throughput was 18.982 million tonnes in Q3 18-19 and the throughput of the Corporation’s countrywide pipelines network was 23.083 million tonnes during the same period. (UNI)