Print Edition - 2017-05-30  |  Money Digest

Oil India Q4 profit falls 96pc

- Reuters, MUMBAI

May 30, 2017-

State-run Oil India Ltd posted a 96 percent fall in fourth-quarter profit, hurt by a one-time charge realised on the pre-discount and post-discount price of crude oil paid to a state government. Net profit was 193.1 million rupees ($2.99 million) in the quarter ended March 31, compared with 4.70 billion rupees a year earlier, the company said on Monday. Analysts on average had expected the oil and gas explorer, which also owns assets in the United States and Africa, to post a profit of 5.70 billion rupees, according to Thomson Reuters data. The company said it recognised a differential royalty of 11.52 billion rupees in the March quarter.

Published: 30-05-2017 08:51

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