India's IOC posts 71% drop in Q1 net income

30 July 2008 08:53  [Source: ICIS news]

MUMBAI (ICIS news)--Indian Oil Corp (IOC) has posted a 71% year-on-year drop in its first-quarter net income to Indian rupees (Rs)4.15bn ($97.3m) due to the rise in the values of crude and other raw materials, a company official said on Wednesday.

For the quarter, the company’s net sales rose nearly 42% to Rs748.7bn and its operating profit fell 45% to Rs17.1bn, the company added.

Quarter-on-quarter, the company’s net sales rose 16% and its operating profit was up more than three times from Rs5.14bn in the previous quarter.

For the period, IOC reported a net profit as compared with a net loss of Rs4.14bn in the last quarter.

Shares of the company were up 4.18% at Rs408.80 per share at 7:00 GMT on the Bombay Stock Exchange.

($1 = Rs42.63)

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By: Isha Jha
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