India’s ONGC posts 2% fall in Q4 net profits

25 June 2008 15:32  [Source: ICIS news]

MUMBAI (ICIS News)--India’s Oil and Natural Gas Corp (ONGC) has posted a 2% year-on-year drop in its fourth-quarter net profits to rupees (Rs) 26.3bn ($615.2m) as it had to incur the cost of a discounted crude price to local refiners, a company official said on Wednesday.

For the quarter, the company’s operating profits were up 18.5% to Rs78.1bn and its net sales increased 26% to Rs156.3bn from the same period a year ago, it added.

For the full year ended 31 March, the company’s net profits increased 29% to Rs201.2bn and its net sales were up 71% to Rs967.8bn, it said.

Shares of the company were up 1.02% to close at Rs864 on the Bombay Stock Exchange.

($1 = Rs42.75)

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By: Isha Jha
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