ONGC net profit dips 43.3 percent in third quarter

January 28th, 2009 - 8:12 pm ICT by IANS  

New Delhi, Jan 28 (IANS) State-run upstream major Oil and Natural Gas Corp Wednesday reported 43.3 percent dip in its net profit for the quarter ended Dec 31, owing to low crude prices.The company’s net profit for the third quarter fell to Rs.24.75 billion (Rs.2,475 crore/$506 million) from Rs.43.7 billion a year ago.

ONGC’s sales revenue saw a decline of 17 percent to Rs.125.2 billion from Rs.152.2 billion in the year-ago period.

The company paid Rs.48.99 billion as fuel subsidies in the October-December quarter as against Rs.60.8 billion in the corresponding period last year.

Crude oil production dipped to 6.49 million tonnes in the quarter from 6.62 million tonnes a year ago.

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