State-run Indian Oil Corporation (IOC), the country's largest oil company, has announced a standalone net loss of Rs 414.27 crore for the fourth quarter ended March 31, 2008, against a net profit of Rs 1,502.69 crore in the corresponding period last year.

Total Income grew by 33 per cent at Rs 71,792.82 crore for the quarter ended March 31 from Rs 53,818.75 crore for the corresponding quarter, last fiscal.

For the full year ended March 31, 2008 the company's standalone net profit at Rs 6,962.5 crore dipped by 7.15 per cent from Rs 7,499.4 crore for the year ended March 31, 2007.

The total income of the company rose to Rs 2,49,169.16 crore in FY08, compared to Rs 2,17,533.82 crore in the year-ago period.

The company's board has declared a dividend of 55 per cent for the year 2007-08.

The rising crude oil prices have caused massive erosion of margins for Oil companies. Indian Government is planning a rescue scheme for Oil majors. Petroleum minister recently requested Prime Minister and Finance Minister to cut the duty on Oil in order to provide relief to Oil companies.