ONGC Q2 net profit rises 6 percent

October 28th, 2010 - 7:32 pm ICT by IANS  

Mumbai, Oct 28 (IANS) State-owned Oil and Natural Gas Corporation (ONGC) Thursday reported a 5.87 percent rise in net profit for the second quarter ended Sep 30 at Rs.5,388.77 crore as against Rs.5,089.64 crore earned during the like period of last fiscal.

The rise in profit, which is lower than what was predicted by analysts, was due to higher realisations from crude sales and increase in gas prices.

Total sales during the July-September quarter increased 12 percent to Rs.18,238.98 crore, compared to Rs.16,330.88 crore during the previous corresponding year.

At the Bombay Stock Exchange, ONGC’s scrip closed 0.44 percent higher at Rs.1,308.05.

The up-stream major is required to sell fuel at a lower cost to state-run oil marketing firms. During the quarter the company shared a subsidy burden of Rs.3,019 crore.

The company’s net realisation per barrel during the quarter under review stood at $62.75, after providing for the subsidy to state-owned downstream companies, better than the $56.41 per barrel it earned in the year-ago period.

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