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Thursday, Jan 30, 2003

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IOC records Rs 777-crore net profit

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NEW DELHI, Jan. 29

INDIAN Oil Corporation (IOC) has recorded a net profit of Rs 777 crore on a gross turnover of Rs 30,625 crore for the third quarter of the current fiscal ended December 31, 2002.

This translates into a nine per cent rise in net sales and a 36.8 per cent rise in net profit over the figures registered in the third quarter in the last fiscal.

Succumbing to pressure from the Finance Ministry, the company has declared an interim dividend of 50 per cent. Since the Government holds 82 per cent equity in IOC, it will net Rs 319 crore.

The improved results are due to higher price realisations on the petro-products besides improved refining margins owing to high global crude prices during the year.

For the nine months ended December 2002, IOC's net profits have jumped nearly two-and-a-half times to Rs 3,915 crore from Rs 1,587 crore recorded during the corresponding period in the previous year.

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