New Delhi, May 29 (IANS): State-run Indian Oil Corp (IOC) on Friday said it has posted a 33 percent decline in net profit for the fourth quarter of 2014-15 at Rs.6,285 crore, caused by a fall in refining margins.
The company had reported a net profit of Rs.9,389 crore in the corresponding quarter of the previous fiscal.
Total income also dropped 30 percent to Rs.94,791 crore from Rs.135,465 crore in the same quarter of 2013-14.
"The average gross refining margin for January-March quarter was $8.77 per barrel compared to $2.17 in same quarter a year ago," the company said in a statement.
The country's largest oil marketer said the refining margin has come down to $0.27 per barrel in 2014-15 from $4.24 in the previous fiscal.
The gross refining margin of the company in 2014-15 was lower mainly on account of inventory valuation loss of Rs.15,600 crore, which translates into $6.46 per barrel.
Operating profit dropped 32 percent year-on-year to Rs.9,284 crore in the quarter in question.
Other income during the quarter jumped 60 percent year-on-year to Rs.959.5 crore and finance costs fell 44.6 percent to Rs.552.9 crore.
Indian Oil stock closed Friday at Rs.355.95 apiece, down 4.90 points, or 1.36 percent, over its previous close on the BSE.