IOC sees 25% drop in 2014-15 net profit

G o ve r n m e n t - owned oil marketer Indian Oil Corporation’s (IOCL) net profit for 2014-15 fell by almost 25% to ` 5,273 crore from ` 7,019 crore in the year-ago period.

Its net profit for the fourth quarter for the year ending March 31, 2015 was ` 6,285 crore, down 33% from ` 9,390 crore during the year-ago period.

IOCL’s income from operations fell from ` 1,34,867 crore in 2013-14 to ` 93,832 crore in 2014-15 due to falling global crude prices, the company reported.

Company chairman B Ashok said IOCL would open 1,000- 1,200 petrol pumps in 2015-16.