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Indian Oil Q1 net down 71%

Indian Oil Q1 net down 71%
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First Published: Wed, Jul 30 2008. 02 55 PM IST
Updated: Wed, Jul 30 2008. 02 55 PM IST
PTI
New Delhi: State refiner Indian Oil Corporation (IOC) has reported a 71% drop in its net profit to Rs415.13 crore in the first quarter ended 30 June as losses mount on fuel sales.
“Net profit of Rs415.13 in April-June was lower than Rs 1468.41 crore in the same period of the previous year,” a company press statement said.
Sales, however, rose to Rs74,496.12 crore in Q1FY09 from Rs52,861.96 crore in Q1 of 2007-08 fiscal.
The company also reported an additional income of Rs14,276 crore, which included Rs13,527 crore oil bonds the government issued to the company to partly compensate it for losses IOC incurred on sale of petrol, diesel, domestic LPG and kerosene.
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First Published: Wed, Jul 30 2008. 02 55 PM IST