Indian Oil net surges 780 percent

Thursday, 30 July 2009, 10:25 Hrs
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New Delhi: India's largest refiner Indian Oil Corp Thursday said its net profit for the quarter ended June 30 surged 780 percent as lower crude oil prices narrowed its revenue losses.

The company reported a net profit of 3,680 crore ($763 million) for the quarter compared to 410 crore in the like period the year before.

The total income for the same period stood at 60,680 crore, down from 89,140 crore a year earlier.

This year's first quarter figures also include the numbers for Bongaigaon Refinery and Petrochemicals Ltd (BRPL), which was merged with India Oil March 25, 2009.

The gross refining margin has seen a decline from $16.81 per barrel to $7.36 per barrel during the first quarter.

Indian Oil got discounts worth 229 crore from upstream companies for the April-June quarter as compared to 6,230 crore a year ago.
Source: IANS
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