Indian Oil net profit drops 57 percent

May 29th, 2009 - 7:54 pm ICT by IANS  

New Delhi, May 29 (IANS) State-run oil marketing company Indian Oil Corp (IOC) Friday recorded a 57 percent fall in its net profit for 2008-09 from the year before.
The company said in a statement that its annual profit stood at Rs.2,949 crore as against Rs.6,962 crore recorded in 2007-08.

The total turnover of IOC, however, increased 17 percent from Rs.224,405 crore in 2007-8 to Rs.262,654 crore last fiscal.

The fourth quarter results showed an upswing, with the company posting a net profit of Rs.660 crore, comparing to a net loss of Rs.410 crore in the like period of 2008.

It was a volatile year for oil companies with the global prices rising to $145 last summer, before plunging by over 100 dollars in the next few months.

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