The Hindu Business Line : IOC posts operating profit of Rs 3,050 cr in Q2

Having received the approval of the Government for issue of oil bonds, oil major Indian Oil Corporation has reported a net operating profit of Rs 3,050 crore for the second quarter of the current financial year ended September 30, compared to Rs 949 crore for the same quarter in the previous year.

The operating profit of Rs 3,050 crore is after considering Rs 7,168 crore being approval received from the Government for issuance of oil bonds in lieu of under-realisation suffered by the Corporation on the sale of kerosene and LPG at below cost prices.

The corporation's gross turnover for the same period was up 26.32 per cent to Rs 55,134 crore from Rs 43,645 crore in Q2 of last fiscal. The throughput of its refineries and pipelines network for the quarter at 10.51 million tonnes and 12.67 million tonnes was higher than that of the corresponding quarter of the previous year. The unaudited financial results of the Corporation were taken on record at the meeting of the board of directors here today.

H1 net zooms

For the six-month period ended September this year, the Corporation's net profit was Rs 4,831 crore as against Rs 891 crore for the same period of the previous year. The net profit for the first half of current fiscal is after considering the approval for issuing oil bonds worth Rs 7,168 crore and the one-time capital gain of Rs 3,225 crore on sale of 20 per cent equity investment in ONGC done during H1.

"The under recoveries on all the four products during the first half of the current fiscal was Rs 2,462 crore (after considering Government bond of Rs 7,168 crore) as compared to Rs 5,627 crore in the corresponding period in the previous year. The Corporation's gross turnover moved up by 25.93 per cent to Rs 1,08,297 crore during the first half of 2006-07 from Rs 85,999 crore for the corresponding period in the previous year," the IndianOil Chairman, Mr Sarthak Behuria, said.

The Corporation sold 25.56 million tonnes of products, including exports, during this fiscal first half. The throughput of the refineries and pipeline network was 20.54 million tonnes and 24.38 million tonnes, respectively, for the same period as compared to 18.57 million tonnes and 22.08 million tonnes in the previous year.

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