IndianOil, engaged in petroleum refining, has reported a profit of INR29.59 billion for the third quarter ended December 31, 2008, compared to INR20.91 billion for the same quarter of 2007.
According to IndianOil, it has reported gross revenue of INR663.99 billion for the third quarter ended December 31, 2008, compared to INR647.26 billion for the same period of 2007.
The company reported a net loss of INR36.73 billion for the nine months ended December 31, 2008, compared to a profit of INR73.77 billion for the same period of 2007. Year-to-date gross revenue was INR2.26 trillion, compared to INR1.77 trillion for the same period of 2007.
The company’s gross turnover for the same period moved up by 2.6%, to Rs. 66,399 crore from Rs. 64,726 crore. The throughput of its pipelines network for the third quarter at 14.48 million tonnes was higher than that of the corresponding quarter of the previous year while the refineries throughput, at 12.04 million tonnes, is close to last year’s level.
Sarthak Behuria, Chairman of IndianOil, said: “The under-recovery on account of non-realisation of market-related prices for petrol, diesel, PDS kerosene and LPG (Domestic) during the period of nine months ended December 2008 was Rs. 7,539 crore (after considering Upstream Discount of Rs. 18,059 crore and Special Oil Bonds of Government of India of Rs. 34,165 crore) as compared to Rs. 6,515 crore in the corresponding period of the previous year.”
