The net loss during the quarter under review is despite the company changing the method of valuation of crude oil from FIFO (first in first out) to “moving average”, resulting in an increase in inventory valuation and profit by Rs 120 crore. Gross turnover increased by 23.7% to Rs 48,895 crore from Rs 39,529 crore last year. For the nine-month period ended December 2005, IOCs net profit was Rs 889.66 crore as compared to a net profit of Rs 3,998.46 crore during the same period last fiscal, a decrease of 78%. However, the corporations gross turnover during the same period increased by 22.3% to Rs 1,34,722 crore as compared to Rs 1,10,169 crore for the corresponding period of previous year. IOC CMD Sarthak Behuria attributed the lower profits to the non realisation of market-related prices for petrol, diesel, kerosene and LPG during the current fiscal. The under-recovery for the quarter under review was at Rs 2,479 crore. The under-realisiation on sale of retail petroleum products increased to Rs 8,106 crore for the first nine months as compared to Rs 6,496 crore in the corresponding period of the previous fiscal. PIN/FINACE EXPRESS