Oil India 1Q Profit Spikes
State-owned Oil India August 13 said its net profit during April-June (1Q 2019) increased 56% year on year thanks to higher crude oil prices.
Company’s net profit in 1Q was rupees 7.03bn ($100mn) compared with rupees 4.50bn during the same quarter of previous year. Revenue during 1Q was rupees 35.17bn, up 41.4% year on year.
Average realised crude oil price during the quarter was $72/b versus $48.4/b in the corresponding quarter of the previous year. Crude oil production was 0.84 million metric tons, same as 1Q 2018 while gas production 0.7bn m3, down almost 4% on year. Oil Indi is India’s second biggest gas producer.