IOC incurs net loss of $1.31M in Q3-06

By agencies   |   Monday, 30 January 2006, 08:00 Hrs
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MUMBAI: Indian Oil Corporation Ltd (IOC) has posted a net loss of $1.32 million for the third quarter of the current financial year, against $292.44 million during the same period last year.

During the period under review, the company saw the net sales of $9990 million ($8243.40 million). Announcing the quarterly result, IOC’s Chairman, Sarthak Behuria said, “The lower profits came primarily on account of under-realization in the case of petrol, diesel, PDS kerosene and LPG.”

The under realization in Q3-06 stood at $563.40 million, double that of $274.54 million a year ago. Similarly, the gross refinery margin (GRM) during the quarter was down at $3.36 per barrel as against $5.4 per barrel in the previous comparable period.

The company share of the total oil bond quantum of $1306.81 million could be around $727.27 million, he said. Behuria said, “It is not possible to book it as income because we need to sell it in the market first. This is possible only after knowing the tenure and the interest rate of the bond.”

The refinery throughput during the quarter was up at 9.86 million tones (8.81 million tones) and pipeline throughput was at 11.73 million tones (10.26 million tones).

IOC along with IBP was set to raise its retail outlet numbers to 15,000 by March as against the present level of 14,500. However, evacuation of a PSU pump at about140 KL per month lagged way behind the private sector pump, which was about 280 KL.

IBP Company Ltd posted a net loss of $21.88 million during the third quarter - almost on par with the $22.27 million net loss that it had suffered in the year ago period.

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