Comments
Oil India Limited (OIL) has reported a ₹26.29 crore consolidated profit for the first quarter of the financial year 2020-2021. This is significantly lower than the ₹847.24 crore profit reported by the company in the corresponding quarter of the previous financial year.
Consolidated total income for the period under review stood at ₹1,879.89 crore, down from ₹3,506.58 crore in the same quarter of the last fiscal.
OIL said that it had incurred a loss of ₹248.61 crore during the first quarter of fiscal 2020-2021 due to the substantially lower crude oil price realisation.
“Global spread of Covid-19 and collapse in understanding between OPEC and Russia on continued production cuts lead to a sharp fall in international crude oil prices. Average Crude Oil price realisation was lower at $ 30.43 a barrel in the first quarter of fiscal 2020-2021. Natural gas price realisation during the period reduced to $ 2.39 per million British thermal units,” the company said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.