Oil India's profit more than doubles in Jul-Sep
Indian state-run oil and gas producer Oil India on November 10 reported a 111% year/year jump in net profit during the July-September quarter on higher oil prices.
The company’s net profit came in at 5.04bn rupees ($68mn) compared with 2.38bn rupees in the same period last year. The average crude oil price during the quarter was $71.35/barrel, up from $42.75/b in the same quarter of the previous year, the company said. Crude oil output during the quarter was up 1.78% yr/yr while natural gas production was up 26.38% yr/yr.
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During the April-September period, the net profit was 10.12bn rupees as against a loss of 0.96bn in the same period last year.