Asia's oldest and biggest Oil exploration and production company Oil India Ltd. reported a lower net profit for the fourth-quarter on higher discounts to oil marketing companies.
The Duliajan, Assam-based based company reported a fourth-quarter net profit of Rs.444.81 crore or Rs.7.40 per share, lower by 21 percent than the Rs.562.61 crore or Rs.9.36 per share in the corresponding quarter last year.
Net profit for the quarter was impacted by Rs.1,650 crore, compared to Rs.901.69 crore in the year-ago quarter, due to discounts allowed to oil marketing companies on sale of crude oil and LPG.
For the quarter, net sales stood at Rs.1,719.72 crore, compared with Rs.1,929.48 crore, reflecting a 11 percent drop, while other operating income totaled Rs.82.40 crore, compared with Rs.78.80 crore in Q4FY11.
For twelve-month months, its net profit rose by 19 percent to Rs.3,446.92 crore from the Rs.2,887.73 crore in the corresponding period last year. Net sales and other operating income, amounted to Rs.9,863.23 crore, up by 19 percent form the Rs.8,320.60 crore for the twelve-month months ended March 31 of 2011.
Net profit for the year was impacted by Rs.4,162.99 crore , compared to Rs.1,848.18 crore in the year-ago quarter, due to sharing of under-recoveries of oil marketing companies by allowing discount in the prices of crude oil and LPG.
Consolidated Results
OIL reported a fiscal year consolidated net profit, after minority interest and share of profit of associates, of Rs.3,469.18 crore, higher by 20 percent than Rs.2,883.76 crore in 2011. Net sales and other operating income rose by 19 percent to Rs.9,863.23 crore from the Rs.8,320.6. crore an year ago.
The company's board recommended a final dividend of 50 percent or Rs.5.00 per equity share of Rs.10 each (post Bonus Issue) for the fiscal year 2012. The said dividend is payable after the AGM subject to the approval of the shareholders.
At the BSE, Oil India shares are being traded at Rs.452.00, down 0.26 percent from the previous close.
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