Quarterly profits of Indian Oil Corp spike 780%

Indian Oil Corp’s net profit for the quarter ended June 30 spiked by 780% to Rs.3,680 crore (US$763 mln) for the quarter compared to Rs.410 crore in the same period last year, on lessened revenue losses on lower crude oil prices. Total income for the same period stood at Rs.60,680 crore, down from last year’s Rs.89,140 crore. The profit will help IOC complete a Rs 135 bln spending plan this year to boost refinery capacity and build chemical plants. The refiner’s shares have gained 35% in the past 12 months as crude oil in New York declined 49% in the period.
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