Millennium Post

IndianOil achieves first quarter profit of `4,549 cr

IndianOil achieves first  quarter profit of `4,549 cr

IndianOil's income from operations for the quarter ended June 30 rose by 19.6% at Rs 1,28,191 crore as compared to Rs 1,07,197 crore in corresponding quarter of 2016-17. Net profit for the current quarter was Rs 4,549 crore as compared to Rs 8,269 crore in the corresponding quarter of 2016-17 which was mainly due to inventory losses incurred during the current quarter.

IndianOil Chairman Sanjiv Singh said, "IndianOil sold 22.508 million tonnes of products, including exports, during Q1 2017-18. Our refining throughput for Q1 2017-18 was 17.521 million tonnes and the throughput of the Corporation's countrywide pipelines network was 21.351 million tonnes during the same period. The gross refining margin (GRM) during Q1 2017-18 was $4.32 per bbl as compared to $9.98 per bbl in Q1 2016-17."
Meanwhile, the prospect of crude remaining near the current $50 level is no longer a doomsday scenario for the world's oil majors whose latest earnings announcements show that cost-cutting lets them turn a profit even at these price levels.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Either they increased their earnings or at least returned to profit compared with the same period last year.
With the exception of ExxonMobil they all benefitted from an increase in output from the same period last year, but more importantly they all profited from a rebound in crude prices as OPEC members and Russia agreed to limit production.
The price of the international benchmark Brent crude averaged $51.7 per barrel in the first half of this year, up considerably from $39.8 during the same period last year.

Agencies

Agencies

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