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Indian Oil's net up 30 pc to Rs 22bn

The state-owned Indian Oil Corporation Limited, which has emerged as the 16th largest oil company in the world, earned the highest ever net profit of Rs 22.14 billion in 1998-99, 30 per cent more than the previous year.

The company registered a sales turnover of Rs 694.30 billion in 1998-99, compared to Rs 591.70 billion the preceding year.

Disclosing this to mediapersons in Bombay today, IOC chairman M A Pathan said considering the highest ever profits, the board of directors recommended payment of the highest ever dividend at 130 per cent compared to 50 per cent in 1997-98. This would absorb Rs 5.06 billion, he said.

In view of its sound financial position and high reserves, the board also recommended issue of bonus shares in the ratio of 1.1 by capitalisation of Rs 3.89 billion from the general reserves. The decision was approved at the company's Annual General Meeting held in Bombay on September 2, Pathan added.

Pathan said Indian Oil had earned Rs 13.96 billion in 1998-99 through exports. The corporation contributed Rs 107.26 billion to the central exchequer and Rs 58.46 billion to the exchequers of various state governments in the form of duties and tax.

The amount was also the highest ever paid by any corporate in the country, he claimed.

As in the 1965 and 1971 wars, Indian Oil maintained uninterrupted supply of petroleum products to the defence forces in difficult terrain, braving shelling on its depots and transport services during the Kagril conflict.

The company contributed Rs 150 million and its employees Rs 9.6 million to the Prime Minister's Relief Fund for the welfare of affected families of soldiers, he said.

In 1998-99, Indian Oil's refineries attained a record crude oil output of 30.37 million tonnes surpassing the previous best of 27.50 million tonnes in 1997-98. For the sixth consecutive year, refineries in Guwahati, Barauni, Gujarat, Haldia, Mathura and Digboi collectively attained 100 per cent capacity utilisation. These together processed 28.15 million tonnes of crude.

The refinery at Panipat processed 2.21 million tonnes of crude. It would be expanded and Indian Oil was committed to go ahead with the setting up a grassroot oil refinery -- East Coast Oil Refinery -- at Paradip in Orissa, Pathan added.

UNI

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