ONGC second quarter net up 5.8

October 29th, 2009 - 6:28 pm ICT by IANS  

Mumbai, Oct 29 (IANS) State-run upstream oil firm Thursday said its net profit for the quarter ending Sep 30 grew 5.8 percent to Rs.5,089.64 crore compared to the corresponding quarter in the previous fiscal.
The company’s total income during the quarter under review, however, dipped 13.18 percent to Rs.15,191.57 crore from Rs.17,499.62 crore it earned for the quarter ending Sep 30, 2008.

The second quarter’s income does not include revenues from trading of products of subsidiary Mangalore Refinery and Petrochemicals (MRPL). The income from this segment was Rs.2,672 crore for the like quarter of the previous fiscal.

Profitability was impacted due to sharing of under-recoveries on sale of petrol and diesel of oil marketing companies by allowing discount in crude oil, publicly distributed kerosene and cooking gas, ONGC said in a regulatory statement.

The company said it took a hit of an estimated Rs.2,630 crore during the quarter under review on account of having to sell crude oil, kerosene and cooking gas at below cost, as directed by the government.

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