New Delhi: Oil India Ltd (OIL) reported a net loss of Rs 208.54 crore in the March quarter due to one-time social security payment obligations. The company had posted a Rs 866.50 crore net profit in the January-March 2018 period, it said in a statement.
The loss was “due to a one-time actuarial deficit of Rs 1,026.79 crore, shown as an exceptional item”, it said.
The actuarial deficit is the difference between future social security obligations and the income rate of the social security trust fund as of now.
Total income declined to Rs 3,506.11 crore in the quarter from Rs 3,784.91 crore a year ago. The decline was due to fall in the realisation on sale of crude oil to $61.76 a barrel from $64.93 per barrel in the fourth quarter of the 2017-18 fiscal.
Oil production declined to 0.785 million tonne in January-March, compared with 0.832 million tonne in the year-ago period.
The company’s board declared a final dividend of Rs 1.75 per share for 2018-19. This is in addition to the interim dividend of Rs 8.50 per share already paid on pre-buyback share capital.
During 2018-19, oil production was 2.1 per cent lower at 3.323 million tonne ‘due to environmental reasons’, the company said without elaborating.
Natural gas production was also marginally lower at 2.865 billion cubic metre ‘due to short upliftment of natural gas by certain consumers’, it said.