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Oil India posts 23.5% jump in Q3 net at Rs 717.28 cr
Business Line , Saturday, January 30, 2010

NEW DELHI: State-run Oil India Ltd on Saturday reported a 23.5 per cent jump in net profit for the third quarter ended December 31, 2009, on the back of higher price-realisation for the crude oil it produces.

Net profit in October-December quarter at Rs 717.28 crore was 23.48 per cent higher than Rs 580.87 crore in the same period a year ago, OIL Chairman and Managing Director Mr N M Borah told reporters here.

OIL got $58.78 per barrel for the crude oil it produced in the third quarter after paying a fuel subsidy of $15.11 per barrel. The company had in the year ago period realised $37.48 per barrel after paying the fuel subsidy of $16.79 per barrel.

Mr Borah said, the company's fuel subsidy outgo had declined by about 11 per cent to Rs 467.62 crore in the third quarter against a pay out of Rs 524.84 crore in the third quarter of previous fiscal. Turnover rose 44.55 per cent to Rs 2,084.44 crore in t he third quarter.

Oil production was up 3.76 per cent at 0.911 million tonnes, while natural gas output rose 9 per cent to 0.626 billion cubic metre. - PTI