Indian Oil Corporation posts quarterly net loss

August 10th, 2011 - 10:15 pm ICT by IANS  

New Delhi, Aug 10 (IANS) State-owned Indian Oil Corporation (IOL) Wednesday posted a net loss of Rs.3,719 crore for the quarter ended June 30.

Net loss in the same period of the previous financial year stood at Rs.3,388.39 crore.
The net sales for the quarter under review stood at Rs.92,523 crore as against Rs.71,679.42 crore during the like quarter of 2010-11.

Loss in first quarter ended June 30 stood at Rs.3,719 crore as government made good only a third of the losses it made on selling auto and cooking fuel at state controlled rates.

“Major reason (for net loss) has been that we have had a higher number of unmet under-realisation on diesel, domestic LPG and kerosene,” said R.S. Butola, chairman IOL.

At the Bombay Stock Exchange the shares of the company closed 3.50 percent lower at Rs.326.35.

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