India's ONGC posts 7.4% drop in Q3 profits

21 January 2008 09:12  [Source: ICIS news]

MUMBAI (ICIS news)--India’s Oil and Natural Gas Corp (ONGC) posted a 7.4% year-on-year drop in third-quarter operating profits to rupees (Rs) 88.9bn ($2.26bn), the company said on Monday.

The company failed to elaborate on its results.

Fot the quarter ended 31 December, the company’s net sales were down 2.8% year on year to Rs151.2bn and its net profits were down 6.4% to Rs43.6bn.

For the quarter-over-quarter period, the company’s operating profits fell 7.5% and its net sales were down 1.9%. There was a drop of 14.3% in net profits, compared with the previous quarter.

Shares of the company were down 7.38% to Rs1,120.20 at 8:41 GMT on the Bombay Stock Exchange.

($1 = Rs39.2)

By: Isha Jha
+65 6780 4359

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