IndianOil 's net profit dips 71 pc in Q1 of FY 09
Mumbai   31-Jul-2008
IndianOil nation's largest fuel retailer, today reported a 71 per cent dip In its net profit in the first quarter as good refinery margins was not loss on fuel sales. Net profit In April - June Quarter plummeted to Rs 415.13 crore" from Rs 1,468.41 crore in (he year-ago period, IndianOil Chairman Sarthak Behuria told reporters here. The company earned USD 16,81 for processing every barrel of crude oil, up from USD 10.70 per barrel last year, but it was not good enough to make up for the Rs 413 crore loss it incurred per day on sale of petrol, diesel, domestic LPG and kerosene. Sates, however, rose to Rs 74,496.12 crore from Rs 52,861.96 crore in Q1 of 2007-08 fiscal. IX also reported an additional income of Rs 14,276crore, which included Rs 13,527 crore oil bonds government issued to the company to partly compensate for the losses on fuel sates, Behuria said.