Hindustan Oil Exploration Company Limited Reports Unaudited Standalone Earnings Results for the Third Quarter and Nine Months Ended December 31, 2015
January 18, 2016 at 06:26 pm IST
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Hindustan Oil Exploration Company Limited reported unaudited standalone earnings results for the third quarter and nine months ended December 31, 2015. For the quarter the company reported net sales/income from operations was INR 61.139 million compared to INR 99.263 million a year ago. Profit from operations before other income, finance costs and exceptional items were of INR 7.162 million compared to loss of INR 133.120 million a year ago. Profit from ordinary activities before tax was INR 42.643 million compared to loss of INR 1,180.075 million a year ago. Net profit was INR 42.643 million or INR 0.33 per basic and diluted share compared to loss of INR 1,180.075 million or INR 9.04 per basic and diluted share a year ago.
For the nine months, the company reported net sales/income from operations was INR 225.443 million compared to INR 339.450 million a year ago. Loss from operations before other income, finance costs and exceptional items were of INR 24.273 million compared to INR 377.937 million a year ago. Profit from ordinary activities before tax was INR 51.527 million compared to loss of INR 12,149.864 million a year ago. Net profit was INR 51.8 million or INR 0.40 per basic and diluted share compared to loss of INR 12,149.864 million or INR 93.10 per basic and diluted share a year ago.
Hindustan Oil Exploration Company Limited is an India-based oil and gas company. The Company is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore. Its asset portfolio consists of approximately 10 oil and gas blocks of discovered resources and one exploratory block. The Company's operations include Dirok, Kharsang, Umatara, Greater Dirok, B-80, PY-1, Asjol, North Balol, and Palej. The Dirok project produces approximately 50 billion cubic feet (BCF) of natural gas and approximately 1 million barrels (MMBBL) of condensate. The PY-1 field is in the offshore platform in Cauvery Basin with eight slots and four wells drilled. The Asjol Petroleum Mining License Block lies 25 km South-West of Mehsana town in Gujarat State covering area of about 15 square kilometers (km2). Its subsidiaries include Hindage Oilfield Services Limited, Geopetrol International Inc., Geopetrol Mauritius Limited and GeoEnpro Petroleum Limited.