State-owned Oil India Ltd (OIL) on August 9 reported an 11 per cent drop in its June quarter net profit as it faced double whammy of falling oil prices and a dip in production. Net profit in April-June at Rs 624.80 crore was 11.15 per cent lower than Rs 703.22 crore net profit reported in the same period last year, the company said in a statement.
Turnover too was lower at Rs 3,373.36 crore as compared to Rs 3,390.46 crore in the first quarter of the previous year.
OIL got $66.33 for every barrel of crude oil it produced and sold in April-June 2019. This was lower than $72 per barrel price realisation a year back.
Also, oil production declined to 0.813 million tonnes from 0.844 million tonnes.
Natural gas output however improved to 0.712 billion cubic metes in April-June as against 0.696 bcm last year.
"Average natural gas price realisation during Q1 FY 2019-20 improved to $3.69 per million British thermal unit as compared to $3.06 per mmBtu in Q1 FY 2018-19," it added.
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