ONGC third quarter net profit rises 23 percent (Lead superseding earlier story)

January 21st, 2010 - 7:21 pm ICT by IANS  

Mumbai, Jan 21 (IANS) State-run energy major Oil and Natural Gas Corp (ONGC) Thursday reported a 23 percent increase in net profit at Rs.3,053.58 crore for the third quarter this fiscal, compared to Rs.2,474.81 crore posted in the like quarter last year.
Net sales rose 23.3 percent to Rs.15,372.57 crore for the quarter ended Dec 31 against Rs.12,436.43 crore in the previous corresponding period.

ONGC shares dropped 1.98 percent to Rs.1,140 at the Bombay Stock Exchange.

The upstream major said it had provided for discounts to oil marketing companies as compensation for selling petrol, diesel, kerosene and cooking gas at subsidised rates.

The company made seven new discoveries during the quarter under review and made an investment of Rs.2,164 crore for developing a Mumbai offshore field.

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