India's ONGC posts first-quarter net profit up 44%

28 July 2008 14:15  [Source: ICIS news]

LONDON (ICIS news)--India’s Oil and Natural Gas Corp (ONGC) posted a 44% increase in first-quarter net profit to Indian rupees (Rs) 66.36bn ($1.57bn) compared with Rs46.1bn in the year earlier period, it said on Monday.

 

The company’s turnover rose 47% to Rs201.23bn, up from Rs137.28bn in the same period last year.

 

ONGC said the production of value-added products had increased to 753,000 tonnes from 729,000 tonnes during the period. 

 

Its Dahej Petro-additions Limited (OPal) complex in Gujarat was on schedule to be completed in 21 months, the company added.

 

ONGC subsidiary Mangalore Refinery and Petrochemicals (MRPL) more than doubled net profit to Rs8.5bn from Rs3.7bn driven by inventory gains on higher crude prices.

 

($1 = Rs42.16)

 

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