Delhi: Oil & Natural Gas Corporation''s (ONGC)
fourth quarter (quarter ended March 31, 2007) profit
dipped by 13 per cent to Rs 2,681.64 crore mainly due
to subsidy payouts to state-run refiners. The company''s
net profit in the corresponding quarter in 2006 stood
at Rs 3,085.89 crore. However, the company''s total income
saw an increase of 16.35 per cent in the fourth quarter
at Rs 14,575.92 crore (Rs 12,528.23 crore).
the fiscal ended March 31, 2007 the company saw a 8
per cent increase in net profit to Rs 15,643 crore (Rs
14,431 crore) notwithstanding the highest-ever subsidy
payment of Rs 17,024 crore (up from Rs 11,957 crore).
The impact of subsidy on net profit was Rs 10,333 crore.
company''s turnover for the 2006-07 fiscal stood at Rs
56,904 crore (Rs 48,201 crore). Officials said ONGC''s
gross realisation in crude sales stood at $66 a barrel,
but company had to shell out a discount of $22 a barrel
to refiners toward subsidised fuel sales reducing the
net realisation for ONGC in 2006-07 to $44 per barrel.
company board has recommended a dividend of 310 per
cent on expanded capital after bonus issue of 1:2.