IOC Q2 net up 32 pc to 3,817.75 cr

New Delhi, Oct 30 (UNI) State-run Indian Oil Corporation today posted a 32.39 per cent increase in net profit at Rs 3,817.75 crore for the second quarter ended September 30 against Rs 2,883.59 crore for the corresponding period last year.

Total income of the company increased by 1.80 per cent to Rs 58,457.23 crore for the quarter under review compared to Rs 57,418.49 crore for the same period last year.

The throughput of its refineries and pipeline network for the quarter was at 11.04 million tonnes (MT) and 13.40 MT, chairman S Behuria told reporters here.

For the six months ended September 2007, the company's net profit was Rs 5,286 crore as against Rs 4,205 crore, an increase of 25.7 per cent.

The company's gross turnover moved up by 3.9 per cent to Rs 1,12,497 crore during the first half of current fiscal from Rs 1,08,248 crore for the corresponding period of the last year.

The corporation sold 29.87 MT of products including gas and exports during the first half. The throughput of its refineries and pipelines network was 23.06 MT and 28 MT respectively for the same period.

The company's gross refining margins in the second quarter was at 5.91 dollar per barrel in comparison to a negative figure in the corresponding period last year on account of crude oil prices crashing last year.

The average gross refining margins during the half year ended September 2007 was 8.44 dollar per barrel in comparison to 3.13 dollar per barrel during the same period last year.

A total amount of Rs 6,362 crore has been accounted for in the current period as grants from the government towards issuance of special oil bonds, Mr Behuria said.

Its borrowings increased to Rs 27,963 crore in first six months of the fiscal as compared to Rs 27,083 crore.

''Our borrowings are very high as we have to sell our products below costs,'' Mr Behuria added.

UNI