The Hindu Business Line : IOC reports loss of Rs 414 cr in fourth quarter

New Delhi, May 28 After reporting profit for the last 10 quarters, Indian Oil Corporation (IOC), the largest oil company in the country with more than 55 per cent market share, reported a net loss of Rs 414.27 crore for the fourth quarter of 2007-08. Profit stood at Rs 1,502.69 crore during the fourth quarter of last fiscal.

For full 2007-08, the company posted a net profit of Rs 6,962.58 crore as against Rs 7,499.47 crore in 2006-07.

The company announced a dividend of 55 per cent for 2007-08 as against 130 per cent.

The total dividend pay out for the year will be Rs 655.81 crore. Last year the total pay out was Rs 1,550 crore, the Chairman, Mr Sarthak Behuria, said.

The company’s gross turnover during the quarter stood at Rs 70256.85 crore as against Rs 55,166.46 crore. Total income from operations was Rs 64,343.59 crore as against Rs 49,817.82 crore.

For the full year 2007-08, the company’s gross turnover stood at Rs 2,47,479.39 crore as against Rs 2,20,779.36 crore in 2006-07.

Total income from operations was 2,25,972.05 crore as against Rs 2,00,923.09 crore last fiscal.

Profit before tax for the year was Rs 10,080.40 crore as against Rs 10,485.00 crore.

The company’s earning per share stood at Rs 58.39 as against Rs 62.90 in 2006-07.

Average gross refining margin during the years went up to $9.02 per barrel .

Mr Behuria said that due to non-revision of retail selling prices of petrol, diesel, PDS kerosene and domestic cooking gas in line with rising international prices the total under-realisation during the year reached Rs 9,773.76 crore as against Rs 2,190.40 crore in 2006-07.