(EnergyAsia, February 26 2013, Tuesday) — Citing increased production, sales of oil products and government compensation, state-owned Indian Oil Corporation (IOC) said its net profit for the October-December 2012 quarter rose 33.9% to 33,319.6 million rupees. (US$1=55 rupees).

India’s main refining and marketing company said government compensation amounting to 134,750 million rupee enabled it to partly recover losses from selling diesel, kerosene and liquefied petroleum gas to domestic consumers at heavily subsidised prices. For the same quarter in 2011, IOC reported net profit of 24,884.4 million rupees.

The surge, however, was not enough to save the company from reporting a bigger loss of 95,080-million rupee loss for the first nine months of the current 2012 financial year ending March 31 2013. IOC had a loss of 87,160 million rupees for the first nine months of the financial year 2011.

Commenting on the latest results, IOC chairman R.S. Butola, said its product sales volumes including exports rose by 419,000 tonnes to 19.706 million tonnes during the latest quarter compared to the corresponding quarter the previous financial year.

The company’s refining throughput edged up 42,000 million tonnes to 14.208 million tonnes for the quarter.