Hindustan Oil Exploration Company (HOEC) has reported 76.27% decline in net profit for the quarter ended December 31, 2011 at Rs 4.81 crore. The company had posted net profit of Rs 20.27 crore in the corresponding period last financial year. The company’s total income during the third quarter decreased by 60.62% to Rs 33.85 crore from Rs 85.95 crore in the year-ago period.
Hindustan Oil Exploration Company was the first private company in India to enter into field of oil and gas exploration. The company’s operational activities commenced in 1991 with the Government of India announcing the fourth round of exploration bidding for private sector participation.
