IndianOil Posts Rs. 2,488 Crore Profit for Q3
IndianOil Posts Rs. 2,488 Crore Profit for Q3
(Gross Turnover up by 26.8% to Rs. 1,04,064 crore in Q3)
Indian Oil Corporation Ltd. (IndianOil) has registered a profit of Rs. 2,488 crore for the third quarter of the current financial year ended December 2011 as compared to a profit of Rs. 1,635 crore for the corresponding quarter of the previous year. The profit for the current quarter could be achieved mainly due to Government compensation of Rs. 8,237 crore for the previous quarters, approved and accounted for in this quarter.
The unaudited financial results of the Corporation were taken on record at the meeting of the Board of Directors here today. The Gross Turnover for the third quarter of the current financial year ended December 2011 rose by 26.8% to Rs. 1,04,064 crore from Rs. 82,097 crore during the same period last year.
Chairman addressing the mediapersons
For the nine-month period, IndianOil’s turnover went up by 26.8% to Rs. 2,97,690 crore. The loss for the period April-December 2011 was Rs. 8,716 crore as compared to the profit of Rs. 3,540 crore during the corresponding period of the previous financial year.
Mr. RS Butola, Chairman, IndianOil, said, "IndianOil sold 19.287 million tonnes of products, including exports, during the third quarter of 2011-12. Our quarterly refining throughput was 14.166 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 18.160 million tonnes. The gross refining margins during the third quarter were US$ 4.31 per bbl."
