State-owned Indian Oil Corp (IOC) has declared its fourth quarter financial results for the fiscal year 2009-10. The company has posted a net profit of Rs 5,556.77 crore for the quarter that ended in 31st March, 2010. Last year it was reported to post a net profit of Rs 6,622.96 crore.

The net profit figure has declined by 16% in this quarter as compared to the same quarter in the financial year of 2008-09. This has been informed by the firm in a filing at the Bombay Stock Exchange.  

So far as the net sales or total income of the firm are concerned, it has grown up to Rs 66,116.20 crore during the January-March period of fiscal year 2009-10.

The annual net profit of the company was reported to be Rs 10,220.55 crore for the year under review. It is a mammoth 246% hike from the reports of the fourth quarter last year.

However, the annual sales have dipped by 5.1% to Rs 249,271.35 crore in this financial year 2009-10. As per market experts global oil price rise has affected the balance sheet of the company.