ONGC net dips 27 percent in first quarter

July 23rd, 2009 - 8:28 pm ICT by IANS  

Mumbai, July 23 (IANS) The net profit of state-run energy major Oil and Natural Gas Corp (ONGC) dipped for the fourth consecutive quarter, declining 27 percent to Rs.4,847.92 crore (about Rs.48.48 billion) for the quarter ending June 30 owing to lower oil prices.
ONGC had logged a revenue of Rs.6,636.33 crore (Rs.66.37 billion) in the corresponding quarter the previous fiscal.

The company’s total income decreased 24.53 percent to Rs.15,924.08 crore (Rs.159.24 billion) during the period under review from Rs.21,102.22 crore (Rs.211.02 billion) in the corresponding period the previous fiscal, it said in a statement to the Bombay Stock Exchange (BSE).

Earnings were announced after the stock markets closed for the day.

The ONGC scrip ended flat at Rs.1,092.85 after opening at Rs.1,080.

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