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IOC net drops 30 p.c.

Special Correspondent

To export diesel, petrochemicals to Pakistan



CORPORATE LEADERSHIP: The Chairman, Indian Oil Corporation, S. Behuria, addressing a press conference in New Delhi on Monday. — Photo: Sandeep Saxena

NEW DELHI: The net profit of Indian Oil Corporation (IOC) has fallen by 30.17 per cent during 2004-05 to Rs. 4,891 crore from Rs. 7,005 crore in the previous year. The decline is mainly due to selling petroleum products such as kerosene, LPG, petrol and diesel, below costs.

According to IOC Chairman and Managing Director, Sarthak Behuria, the total under-recoveries on this account are estimated at Rs. 7,777 crore, of which Rs. 6,589 crore is due to kerosene and LPG while the balance Rs. 1,188 crore is owing to petrol and diesel sales.

Addressing a press conference here on Monday, he said the net profit fell by 51 per cent during the period January-March this year to Rs. 893 crore from Rs. 1,850 crore in the corresponding period last year as the government did not allow the company to raise petrol, diesel, LPG and kerosene prices in line with crude oil prices.

The IOC board recommended a final dividend of 100 per cent estimated at Rs. 1,168 crore for 2004-05. The company had already paid an interim dividend of 45 per cent amounting to Rs. 525.61 crore in 2004. With this, the total dividend payout for the year works out to Rs. 1,693.92 crore, equivalent to 145 per cent against 210 per cent in the previous fiscal.

Mr. Behuria said IOC had offered to export three lakh tonnes of diesel and one lakh tonnes of petrochemicals to Pakistan.

The CMD said IOC had become the first Indian corporate to breach the Rs. 150,000 crore mark in sales turnover during the year. It also grossed $1 billion in revenues through initiatives in new businesses. The turnover of Rs. 150,677 crore in 2004-05 is 15.7 per cent higher than Rs. 130,203 crore in the previous fiscal.

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