As against Rs 1,422.87 cr in Q3 of 2018-19, Oil India reports net profit of Rs 709.39 cr in corresponding quarter this year; production takes beating over environmental issues
Tinsukia: Oil India Limited has reported Rs 709.39 crore consolidated net profit for the third quarter of financial year 2019-20, almost half of the company's net profit reported in the corresponding quarter of financial year 2018-19.
In Q3 of 2018-19, OIL reported a net profit of Rs 1,422.87 crore.
In a press note, Oil India Limited said that the consolidated total income during the period also reported a decline to Rs 3,093.72 crore. It said, "This is 23.13% lower than the Rs 4,024.81-crore total income reported by OIL in the comparable quarter of the last fiscal."
There was also a dip in crude oil and natural gas production. "Crude oil production for Q3 FY2019-20 is 0.747 MMT which is 10.86% lower than the crude oil production of 0.838 MMT during Q3 FY2018-19, while natural gas production for Q3 FY2019-20 is 697 MMSCM which is 4.78% lower than the natural gas production of 732 MMSCM during Q3 FY2018-19," the statement said, adding, "OIL’s production of crude oil and natural gas during Q3 FY 2019-20 was adversely affected on account of environmental issues."
Crude oil production for 9M FY2019-20 is 2.376 MMT which is 6.37% lower than the crude oil production of 2.538 MMT during 9M FY2018-19 and natural gas production during 9M FY2019-20 is marginally lower to 2157 MMSCM as compared to 2162 MMSCM during 9M FY2018-19.
The company statement said that the average crude oil price realisation during the quarter under review was $63.27 a barrel which was 5.10% lower compared to the crude oil price realisation of $66.67 a barrel during the same quarter of the previous financial year.
A ASE filing said that the board of OIL has declared interim dividend of 90% or Rs 9 per share for 2019-2020.