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State-owned Oil India Ltd today reported halving of its December quarter net profit as it was hit by low oil prices and fuel subsidy payout.
Net profit stood at Rs 498.28 crore, or Rs 8.29 per share, in October-December 2014 compared to Rs 902.96 crore, or Rs 15.03 a share, in the same period a year ago, the company said in a statement here.
The predominantly North-East focused oil producer got $74.93 per barrel in the third quarter this fiscal as opposed to $108.11 per barrel a year earlier. After having to shell out $37.54 per barrel to help retailers sell LPG and kerosene at government controlled rates, its net realisation was $37.39 per barrel. In the third quarter of last fiscal, its net realisation stood at $52.11 per barrel.
In absolute terms, subsidy payout was Rs 1,437.73 crore.
OIL said its crude oil production in October-December was marginally lower at 0.878 million tonnes when compared to 0.894 million tonnes in the previous year while gas output was flat at 0.688 billion cubic meters.
Turnover dipped by about 20% to Rs 2,194.75 crore.
In April-December, OIL reported a net profit of Rs 1,958.48 crore on a turnover of Rs 7,035.24 crore. A year ago, it had clocked a net profit of Rs 2,415.68 crore on a turnover of Rs 7,646 crore.
