NEW DELHI, June 27: Despite a fall in profitability, the Indian Oil Corporation (IOC) will maintain a dividend of 40 per cent -- the same as last year. Though the corporation chalked a turnover of Rs 55,389 crore -- up 26 per cent from previous year's Rs 43,862 crore, profit before tax (PBT) remained stagnant at Rs 1,766.23 crore. Last year's PBT was Rs 1,765.33 crore.

What compounded the problem was the large borrowings of Rs 13,178 crore that the IOC incurred. It borrowed Rs 4,951 crore more during 1996-97.

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