Oil India Q1 net dips 9% on low gas price
State-owned Oil India Ltd on Friday reported a 9 per cent drop in its June quarter net profit after a drop in natural gas price offset gains made from higher oil production. The company posted a net profit of Rs 450.24 crore, or Rs 5.67 per share, in April-June compared with Rs 494.41 crore, or Rs 6.17 per share, in the same period of the previous fiscal.
“The reduction in profit after tax (net profit) was primarily due to the reduction in price of natural gas from $3.06 per million British thermal unit in Q1 FY 2016-17 to $2.48 per mmBtu in Q1 FY 2017-18,” Oil India said in a statement.
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