New Delhi: Oil India Ltd (OIL), the state-owned oil and gas producer, today posted a loss of Rs 209 crore for the fourth quarter ended March 2019, mainly on account of an exceptional item provision of Rs 1,027 crore towards employees pension fund.“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,” OIL said in a statement.
The company had recorded a net profit of Rs 867 crore for the fourth quarter ended March 2018. The company’s revenue from operations during the fourth quarter ended March 2019 increased 3 per cent to Rs 3,087 crore.
Crude oil price realization during the quarter declined to $61.76 per barrel, as compared to $64.93 per barrel realized in the corresponding quarter a year ago.
Oil India’s consolidated net profit for the last fiscal year jumped 18 per cent to Rs 3,238 crore. Average crude price realization for 2018-2019 improved to $68.50 per barrel from $55.72 per barrel realized in 2017-2018.
The company’s crude oil production during the las fiscal decreased to 3.32 Million Tonne from 3.39 MT recorded in the previous fiscal. Also, natural gas output in 2018-19 declined to 2.86 Billion Cubic Meter (BCM) from 2.89 BCM in 2017-2018.
Domestic sale of crude oil declined to 3.23 MT last fiscal as compared to 3.32 MT sold in 2017-18. Domestic sale of natural gas increased to 2.50 BCM from 2.41 BCM recorded in the previous fiscal.
The company’s share price at the Bombay Stock Exchange (BSE) today closed at Rs 185.30, up 0.73 per cent as compared to previous close.