IOC stages turnaround with Rs 1,780.52 Q1 FY07 net profit

New Delhi, July 31 (UNI) State-owned Indian Oil Corporation (IOC) today posted a net profit of Rs 1,780.52 crore for the first quarter ended June 30, 2006 as compared to a net loss of Rs 57.93 crore for the same quarter previous year.

The total income was also up by 26 per cent to Rs 49,003.64 crore for Q1 FY07, from Rs 38,835.24 crore for Q1 FY06, a company statement said.

The Corporation registers net operating loss despite having a 26 per cent rise in the turnover to Rs 53,164 crore in the first quarter of the current financial year.

Announcing the Q1 FY07 results, IOC Chairman Sarthak Behuria said the company registered a net operating loss of Rs 1,444 crore for the period under review.

He, however, said that after considering the profit of Rs 3,225 crore from sale of 20 per cent of its investment in Oil and Natural Gas Corporation (ONGC), the Corporation has recorded a net profit of Rs 1,781 crore in the first quarter, as compared to a net loss of Rs 58 crore during the same period last fiscal.

He said the sales turnover for the first quarter of 2006-07 jumped to Rs 53,1164 crore from Rs 42,340 crore in the corresponding quarter of the previous year.

He said the IOC sold 12.27 Million Tonnes (MT) of petroleum products including gas sales in the domestic market, besides exporting 0.80 MT, in the first quarter of 2006-07. Its seven refineries together achieved a throughput of 10.03 MT and the pipelines transported 11.71 MT of crude oil and products.

Responding to queries, Mr Behuria said the company was incurring a daily loss of Rs 100 crore under the prevailing market rates of the petroleum products.

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