The Hindu Business Line : IOC Q4 net slips 60%; oil bonds boost full year net 52%

RECORD PRODUCT SALES: The IndianOil Chairman, Mr Sarthak Behuria, and the Director, Finance, Mr S.V. Narasimhan, at a press conference in the Capital on Monday. — Ramesh Sharma

New Delhi May 28 IOC has recorded 60 per cent decline in net profit for the fourth quarter of 2006-07 to Rs 1,609.67 crore from Rs 4,030.57 crore in the corresponding previous period.

However, it registered 52.5 per cent increase in net profit for the full year, aided by oil bonds received from the Government in tranches for selling petroleum products below cost price and sale of its holding in ONGC.

The compensation in the form of oil bonds had boosted the company's profit in the fourth quarter of the previous year, when it received bonds worth Rs 6,571.44 crore.

For the period under review, IOC saw gross turnover moving up to Rs 55,548.88 crore (Rs 48,388 crore).

Net profit soared to Rs 7,499.47 crore (Rs 4,915.12 crore).

Mr Sarthak Behuria, Chairman and Managing Director, said: "The profit is after considering the compensation of Rs 13,943 crore in the form of oil bonds and sale of 20 per cent of IOC's equity holding in ONGC. The total sales proceeds amounted to Rs 3,670 crore, resulting in a profit of Rs 3,225 crore."

For 2006-07, gross turnover saw a jump of 20.53 per cent to Rs 2,20,770 crore (Rs 1,83,172 crore).

The IOC board has also declared final dividend of 130 per cent (Rs 13 per share). This is in addition to the interim dividend of 60 per cent paid in December 2006.

Speaking to newspersons after the board meeting, Mr Behuria said: "2006-07 was highly rewarding for IOC, with gross turnover exceeding Rs 2 lakh crore and product sales reaching a new high."

He added: "Both the refineries and pipeline network registered record throughputs; besides key projects worth Rs 10,000 crore were commissioned."

The IOC stock rose 1.35 per cent to close at Rs 481.10 against the previous close of Rs 474.70 on the BSE.

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