Indian Oil posts Q2 net loss of Rs.329 crore

State-run Indian Oil Corp (IOC) on Tuesday reported a net loss of Rs.329.17 crore in the second quarter ended September caused by major inventory and foreign exchange losses as well as low refining margins.

IOC had posted a net loss of Rs.898.46 crore in the same period last year.

The company lost Rs.5,137 crore on inventory owing to a fall in global oil prices, company chairman B. Ashok told reporters here.

"On physical parameters we have done extremely well. On sales we have done well. Capacity utilisation has been good. What has impacted is inventory losses," he said.

This compares to Rs.4,272 crore inventory loss in the same period a year ago.