International Olympic Committee first quarter net profit down 45 percent, GRM halves

IOC’s average gross refining margins declined to $4.32 per barrel compared with $9.98 per barrel in the same period last year

State-owned Indian Oil Corp (IOC) on Thursday (3 August) reported nearly halving of its standalone net profit in the June quarter of the current fiscal, mostly due to drop in refining margins.

The company's quarterly average gross refining margins, or profit earned on each barrel of crude processed, eased to United States dollars 4.32 per barrel, compared with USD 9.98 per barrel in the same period past year.

Operating profit is seen rising sharply to Rs 6,213 crore from Rs 4,408 crore and margin may expand to 6.5 percent from 4.4 percent on sequential basis. An inventory gain would be booked if reverse happens - product prices rise after procurement and before marketing. The gross refining margin shrunk to $4.32/barrel from $9.98/barrel a year ago.

Cooper Tire & Rubber Company
Shares of Hormel Foods Corporation (NYSE:HRL) observed rebound of 5.83% since bottoming out at $32.26 on Jul. 11, 2017. A high current ratio indicates that the company does not have trouble managing their working capital.

The company suffered an inventory loss of Rs 2,033 crore on crude oil in Q1 as compared to an inventory gain of Rs 3,785 crore in the same period a year ago, Director (Finance) A K Sharma said. But for the inventory loss, GRM would have been US$ 6.44 per barrel in Q1.

Revenue during the quarter is seen falling at Rs 94,563 crore from Rs 1.22 lakh crore in previous quarter, according to average of estimates of analysts polled by CNBC-TV18.

During the quarter, International Olympic Committee had budgetary support of Rs 876.38 crore lower compared Rs 1331.69 crore in previous year similar period.

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