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IOC posts lower net profit

Oct. 31: Indian Oil Corporation has registered a net profit of Rs 2,751 crore for the first half of the current fiscal which is Rs 388 crore (12 per cent) lower than the net profit of Rs 3,139 crore recorded in the same period last year. This gap excludes losses on inventory for this year and the gain in inventory last year.

If inventory gains and losses are included the fall in net profit compared with the corresponding figure of last fiscal turns out to be even more.

During the first half of the current year the oil major has made a loss of Rs 768 crore on its inventory as it had to hold the prices of petro goods despite increasing international prices. In sharp contrast to this, IOC had raked in Rs 1,747 through a gain in the value of its inventory during the first half of last fiscal. The turnover of the company increased by 7 per cent to cross the Rs 66,600-crore mark in the six-month period.

IOCís earnings per share has come down to Rs 23.56 in the reporting period from Rs 26.87 crore in the year-ago period.

Bharat Petro

Bharat Petroleum Corporation Ltd (BPCL) today reported a 46.9 per cent rise in net profit at Rs 477.1 crore during the quarter ended September 30, 2003 as against Rs 324.6 crore posted last fiscal. Net sales grew by 7.25 per cent to Rs 12,044.4 crore over Rs 11,230 crore in the same period of 2002-03, the company said today.

BPCL clocked a net profit of Rs 796.40 for the first six months of this fiscal as against Rs 569.6 crore last fiscal. Net sales stood at Rs 24,362.6 crore (Rs 22,309.8 crore).

MRPL trims loss

Mangalore Refinery and Petrochemicals Ltd, a subsidiary of ONGC, reported a net loss of Rs 45 crore in the second quarter ended September 30 compared with a net loss of Rs 84 crore in the corresponding period last year. Turnover rose 41 per cent to Rs 2,788 crore in the reporting period as against Rs 1,976 crore last year.

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