Millennium Post
Business

IndianOil achieves 14% quarterly turnover rise

State-owned Indian Oil Corp (IOC) on Tuesday reported a net loss of Rs 3,093.23 crore in the June quarter.

The loss narrowed from Rs 22,450.95 crore in the same period a year ago, the company said in a filing to the stock exchanges.

Turnover rose to Rs 110,466.61 crore in April-June from Rs 96,860.69 crore. The company earned $1.67 on turning every barrel of crude oil into fuel, compared with a negative gross refining margin of $4.81 a year earlier. The loss was because the company had to absorb Rs 1,211.67 crore after accounting for Rs 4,261.29 crore in cash subsidy from the government and another Rs 8,151.77 crore in assistance from companies such as ONGC for selling diesel and cooking fuel below cost.
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