New Delhi: State-owned Oil and gas producer Oil India Ltd (OIL) posted a loss of Rs 209 crore for the fourth quarter of the financial year 2018-19, primarily due to an exceptional item provision of Rs 1,027 crore towards the employees pension fund. In the corresponding period of financial year 2017-18, the public sector undertaking (PSU) has recorded a net profit of Rs 867 crore.
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“The company has made a provision of Rs 1,026.79 crore based on actuarial valuation, which has been disclosed as exceptional items in the statement of profit and loss an amount of Rs (71.4) crore under Other Comprehensive Income. Accordingly, the estimated one-time net deficit on account of change of contribution option is Rs 955.75 crore,” an official statement released by OIL said.
Revenue from operations increased 3%
OIL’s revenue from operations in Q4 of FY2018-19 increased by 3 percent to settle at Rs 3,087 crore. The company said that the crude oil price realisation during the quarter declined to $61.76 per barrel, as compared to $64.93 per barrel realised in the corresponding quarter a year ago.
Consolidated net profit for entire fiscal rises by 18%
The PSU’s consolidated net profit for the entire financial year jumped by 18 percent to Rs 3,238 crore. Average crude price realisation for 2018-2019 improved to $68.50 per barrel from $55.72 per barrel realised in 2017-2018.
Crude oil production declines y-o-y
The PSU’s crude oil production for fiscal year 2018-19 declined to 3.32 Million Tonne from 3.39 MT recorded in the previous fiscal. The natural gas output also went down to 2.86 Billion Cubic Meter (BCM) from 2.89 BCM in 2017-2018.
Domestic sale of crude oil slumped to 3.23 MT in financial year 2018-19 as opposed to 3.32 MT sold in 2017-18. On the other hand, in case of natural gas, the figures increased to 2.50 BCM from 2.41 BCM recorded in the previous financial year.
OIL’s share price at BSE closed at Rs 185.30 on Monday, up by 0.73 percent in comparison to previous close.