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Our Bureau

New Delhi , July 30

INDIAN Oil Corporation Ltd (IOC) has recorded a net profit of Rs 1,472.17 crore during the first quarter of the current fiscal ended June 30, 2004. This translates into a 56 per cent rise in profit over the Rs 944.67 crore recorded in the corresponding period last year.

The improved results are on the back of improved refinery margins as well as the receipt of Rs 648 crore from Oil and Natural Gas Corporation (ONGC), GAIL and Oil India Ltd towards LPG and kerosene subsidy payments for the first quarter of the current fiscal.

Gross refinery margins during the period stood at $6.87 (Rs 318.596) per barrel against $3.19 (Rs 147.936) a barrel last year.

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