New Delhi: State-owned Oil India Ltd today reported 17.7 per cent drop in the September quarter net
profit on account of fall in oil prices even as it declared a 1:3 bonus share.
Net profit of Rs 580.27 crore for the second quarter of the current fiscal, or Rs 9.66 a share, was 17.7 per cent lower than Rs 705.67 crore, or Rs 11.74 a share, in the same period of last financial year, the company said in a statement.
OIL's turnover was lower at Rs 2,720.92 crore in theJuly-September quarter of 2016-17 as compared to Rs 2,960.77 crore in the year-ago period.
It got USD 44.55 for every barrel of crude oil it produced in the quarter as compared to USD 46.43 a barrel net realisation in Q2 of previous fiscal.
Crude oil production was almost flat at 0.8 million tons while natural gas output was a tad higher at 0.743 billion cubic meters from 0.702 bcm last year.
Board of OIL also recommended issue of 1:3 bonus share -- issue of one bonus equity share of Rs 10 each for every three existing fully paid up equity share.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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