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ONGC Q2 net profit rises 6 percent
Friday, 29 October 2010, 01:14 IST
Mumbai: State-owned Oil and Natural Gas Corporation (ONGC) Thursday reported a 5.87 percent rise in net profit for the second quarter ended Sep 30 at 
5,388.77 crore as against 5,089.64 crore earned during the like period of last fiscal.
The rise in profit, which is lower than what was predicted by analysts, was due to higher realisations from crude sales and increase in gas prices.
Total sales during the July-September quarter increased 12 percent to 18,238.98 crore, compared to 16,330.88 crore during the previous corresponding year.
At the Bombay Stock Exchange, ONGC's scrip closed 0.44 percent higher at 1,308.05.
The up-stream major is required to sell fuel at a lower cost to state-run oil marketing firms. During the quarter the company shared a subsidy burden of 3,019 crore.
The company's net realisation per barrel during the quarter under review stood at $62.75, after providing for the subsidy to state-owned downstream companies, better than the $56.41 per barrel it earned in the year-ago period.
Source: IANS
5,388.77 crore as against 5,089.64 crore earned during the like period of last fiscal.
The rise in profit, which is lower than what was predicted by analysts, was due to higher realisations from crude sales and increase in gas prices.
Total sales during the July-September quarter increased 12 percent to 18,238.98 crore, compared to 16,330.88 crore during the previous corresponding year.
At the Bombay Stock Exchange, ONGC's scrip closed 0.44 percent higher at 1,308.05.
The up-stream major is required to sell fuel at a lower cost to state-run oil marketing firms. During the quarter the company shared a subsidy burden of 3,019 crore.
The company's net realisation per barrel during the quarter under review stood at $62.75, after providing for the subsidy to state-owned downstream companies, better than the $56.41 per barrel it earned in the year-ago period.
Source: IANS