Indian Oil Corp.(IOC)-Earnings soar 30% ($515 mil),Revenue up 17% ($16.3 billion)
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IOC bottomline soars 30 per cent to Rs 22.14 billion
(Saturday, May 29, 1999)
Our Corporate Bureau in Mumbai
Indian Oil Corporation (IOC), India's largest company, has reported a 30 per cent jump in net profit in 1998-99 to Rs 2,214 crore (Rs 22.14 billion) from Rs 1,706 crore in 1997-98.
Sales rose 17 per cent to Rs 69,430 crore in 1998-99 from Rs 59,176 crore in 1997-98 while EPS increased 30 per cent to Rs 58.85 from Rs 43.83. The company has declared a dividend of Rs 13.0 per share which will absorb Rs 506 crore against Rs 195 crore during the previous year. Book value of the share has gone up to Rs 315.12 from Rs 272.62.
IOC chairman M A Pathan said fixed assets including work in progress rose 25 per cent to Rs 21,646 crore in 1998--99 from Rs 17,314 crore. About 83 per cent of this was financed through internal accruals. IOC's net worth too rose by 16 per cent to Rs 12, 269 crore from Rs 10, 614 crore. The liquidity position of the company increased in 1998-99 due to the redemption of oil bonds of Rs 5047 crore issued by the Government of India.
IOC's six operating refineries at Guwahati, Barauni, Gujarat, Haldia, Mathura and Digboi achieved over 100 per cent capacity utilisation for the year, said the IOC statement. The refineries together processed 30.4 million tonne of crude compared to 27.5 million tonne in the previous year. The Corporation's pipeline network transported 34.1 million tonne of crude oil and petroleum products in 1998-99 surpassing the previous best of 31 million tonne in fiscal 1997.
The network has been expanded to 6,268 kilometre with the commissioning of the 500 km Haldia-Barauni crude oil pipeline in December, 1998 six months ahead of schedule. IOC sold 46.2 million tonne of petroleum products in 1998-99 registering a 6.5 per cent growth over the previous year's sale of 43.4 million tonne.
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1 crore=10,000,000
1 US$ =$42.5 |
