The Hindu Business Line : IOC net profit dips 30 pc to Rs 4,891 cr

INDIAN Oil Corporation Ltd has reported a drop of more than 30 per cent in its profit after tax during 2004-05 to Rs 4,891 crore from Rs 7,005 crore during the previous year.

This is mainly on account of under-recoveries in kerosene and liquefied petroleum gas being distributed through the public distribution system and short realisation in sale of petrol and diesel, the Chairman, Mr S. Behuria, said here today.

"Profit is down because of a combination of things," the Chairman said, and pointed out that while in marketing the company had registered losses, it had paid less taxes. The oil major would be in a position to give details of its financial performance during the first quarter of the year only in July, he said. The company registered a growth of 15.72 per cent in its turnover at Rs 1,50,677 crore, up from Rs 1,30,203 crore. The earnings per share also dipped more than 30 per cent to Rs 41.88 (Rs 59.97). IOC sold 50.1 million tonnes of petroleum products including exports during 2004-05 as against 48.61 m.t. during the previous year, an increase of a little more than three per cent. Similarly, domestic sales went up close to three per cent to 48.17 m.t., while exports rose eight per cent to 1.96 m.t.

During the year, the company's gross refinery margin rose by about a dollar per barrel to touch $6.22. The pipelines network posted a combined throughput of 43.03 m.t.

The company's board that met here today recommended a final dividend of 100 per cent amounting to Rs 1,168.01 crore for the year. IOC had paid an interim dividend of 45 per cent amounting to Rs 525.61 crore in 2004.

The company also aims to grow from a $35-billion turnover company to $60 billion by 2011-12. "We are looking for a diversified portfolio, while retaining our leadership in our core sectors of refining and marketing where also we want to grow,'' Mr Behuria said.

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