IndianOil (Mauritius), a wholly owned subsidiary of Indian Oil Corporation, has registered a 7% drop in its net profit, the Company Managing Director Shailendra Mital said here today.
Profit after tax for year ending 31 March 2011 stood at 115 million Mauritian Rupees (MUR) against 123 million (MUR) the same period last year.
The company attributed the reduction in profit mainly to a drop in shore bunkering demand bringing pressure on its margins.
During the year, it had earned gross revenue of Rs 56,550 crore, registering an increase of more than 20% over last year.
Launched in February 2004, Indian Oil (Mauritius) operates retail outlets of 17 filling stations, with 24% of market share of liquid fuels business in the petroleum industry and is the leader in aviation fuel business with 42% of the market share.
"We have two or three more filling stations coming out shortly", said the company Chairman C Daga who was here in the country for the annual Board meeting of the company.
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Mital said that the Rs 80 crore pipeline project linking Port-Louis to International airport was still on.
"We need the green light from the Government to start the works," Mital said.
The pipeline project will help in transporting jet fuel in the easiest, rapid way and also reduce road congestion at the same time.