Indian Oil Posts Smaller-Than-Expected Loss on Fuel Compensation
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Indian Oil Corp., the nation’s biggest refiner, reported a loss smaller than analysts expected after receiving subsidies from the government and state oil producers for selling fuel below cost.
Net loss narrowed to 30.9 billion rupees ($506 million) in the three months ended June 30 from a record 224.5 billion rupees a year earlier, according to a statement. The median estimate of 17 analysts in a Bloomberg survey was a 55.8 billion rupee loss. Sales rose 14 percent to 1.1 trillion rupees.