IOC net loss in Dec quarter widens to Rs 2,637 cr

Indian Oil Corp, the nation's largest oil company, today reported widening of net loss to Rs 2,636.80 crore in December quarter mainly due to piling up of inventory losses from the slump in international oil prices.

The company had reported a net loss of Rs 961.45 crore in October-December 2013.

The loss came despite all its fuel losses being compensated by the government.

The government paid Rs 2,866.09 crore in cash subsidy while upstream oil producers like ONGC extended an assistance of Rs 6,115.74 crore to make up for all the losses that the firm had incurred on selling domestic LPG and PDS kerosene at rates lower than cost.

Sales dipped to Rs 107073.60 crore from Rs 117,671.95 crore earlier.

Shares of IOC closed 1.52 per cent down at Rs 310.60 apiece on the BSE.