IOC's fourth-quarter operating profits fall 91%

28 May 2008 10:23  [Source: ICIS news]

MUMBAI (ICIS news)--Indian Oil Corp (IOC) has posted a 91.4% year-on-year drop in its fourth-quarter operating profits to rupees (Rs) 5.1bn ($119m), the company said on Wednesday.

For the period ended 31 March, the petrochemicals major reported a net loss of Rs4.1bn, compared with net profits of Rs16.1bn year on year, while net sales rose 28.2% to Rs643.6bn, the firm added.

For the full year, IOC’s operating losses widened to Rs15.5bn as against Rs15.1bn a year ago, the firm said.

The firm’s net sales rose 12.5% to 2,259bn for the full-year period, from Rs2,009bn, while its net profits dropped 7.1% to Rs69.6bn, from Rs75bn, IOC said.

At 09:15 GMT IOC’s shares were up 0.34% to Rs423 on the Bombay Stock Exchange.

The company failed to elaborate on its results.

($1 = Rs42.85)
By: Aaron Rodrigues
+65 6780 4359

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