IndianOil posts loss of Rs 3,388 crore in the first quarter of 2010-11

Aug. 9, 2010 - PRLog -- Indian Oil Corporation Ltd. (IndianOil) has posted a loss of Rs. 3,388 crore for the first quarter of the current financial year ended June 2010 as compared to a profit of Rs. 3,683 crore for the same quarter of the previous year. The loss was mainly on account of unmet under recoveries, lower refining margins and foreign exchange variation loss.

The Corporation's Gross Turnover for the same period went up by 22.72 % to Rs. 77,965 crore as compared to Rs. 63,530 crore during previous year. The unaudited financial results of the Corporation were taken on record at the meeting of the Board of Directors here today.

According to IndianOil Chairman, Mr. B M Bansal, the under-recovery on account of non-realisation of market-related prices for Petrol, Diesel, PDS Kerosene and LPG (Domestic) for the quarter was Rs. 7,343 crore.

Mr. Bansal added that the Corporation sold 18.312 million tonnes of products, including exports, during the first quarter of 2010-11. Its eight refineries registered a combined throughput of 13.278 million tonnes, with a capacity utilisation of 103.73%. The Corporation's countrywide pipelines network too registered a throughput of 16.489 million tonnes for the quarter which is 2.38 % higher as compared to same quarter of previous year.

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IndianOil Corporation Ltd is India's largest commercial enterprise. The IndianOil Group of companies owns and operates 10 of India's 20 refineries.