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ONGC posts 
17.19 billion net profit in Q3
Monday, 02 February 2004, 20:30 IST
NEW DELHI: India's state-run exploration major Oil and Natural Gas Corporation (ONGC) posted net profit of 
17.19 billion in the third quarter of 2003-04 fiscal despite accounting for government subsidies on cooking gas and kerosene.
At a board of directors meeting late Friday to approve un-audited financial results for the October-December quarter, the company declared an interim dividend of 140 percent leading to a dividend pay out of 19.96 billion.
The central government, with 84.1 percent equity, will receive an interim dividend of 16.79 billion, an official statement said.
"ONGC has posted an after-tax profit of 17.19 billion for the third quarter despite accounting for (in the sales revenue for the quarter) subsidies on cooking gas and kerosene for the nine-month period ended December 2003, aggregating to 15.35 billion," a company statement said.
The cumulative sales revenues for the nine-month period from April to December stood at 240.66 billion, despite these subsidies.
With the subsidy burden, passed on by the government for the first time to the exploration major, the cumulative after-tax profit of the company for the nine-month period has dipped to 66.78 billion, as against 68.51 billion during the corresponding period of the last financial year.
In the first three quarters of the financial year 2003-04, ONGC sold 14.46 billion cubic metres of natural gas, achieving 100.29 percent of target.
It also produced 2.82 million tonnes of value-added products (NGL/Naptha, NGL), achieving 101.7 percent of the target.
But in the case of crude, with 19.41 million metric tonnes production during the nine-month period, ONGC fell short of target, achieving only 99.02 percent.
On January 28, ONGC filed the prospectus with the regulatory body for commencing with the disinvestment process of 10 percent of government equity stake in the company.
Source: IANS
17.19 billion in the third quarter of 2003-04 fiscal despite accounting for government subsidies on cooking gas and kerosene.
At a board of directors meeting late Friday to approve un-audited financial results for the October-December quarter, the company declared an interim dividend of 140 percent leading to a dividend pay out of 19.96 billion.
The central government, with 84.1 percent equity, will receive an interim dividend of 16.79 billion, an official statement said.
"ONGC has posted an after-tax profit of 17.19 billion for the third quarter despite accounting for (in the sales revenue for the quarter) subsidies on cooking gas and kerosene for the nine-month period ended December 2003, aggregating to 15.35 billion," a company statement said.
The cumulative sales revenues for the nine-month period from April to December stood at 240.66 billion, despite these subsidies.
With the subsidy burden, passed on by the government for the first time to the exploration major, the cumulative after-tax profit of the company for the nine-month period has dipped to 66.78 billion, as against 68.51 billion during the corresponding period of the last financial year.
In the first three quarters of the financial year 2003-04, ONGC sold 14.46 billion cubic metres of natural gas, achieving 100.29 percent of target.
It also produced 2.82 million tonnes of value-added products (NGL/Naptha, NGL), achieving 101.7 percent of the target.
But in the case of crude, with 19.41 million metric tonnes production during the nine-month period, ONGC fell short of target, achieving only 99.02 percent.
On January 28, ONGC filed the prospectus with the regulatory body for commencing with the disinvestment process of 10 percent of government equity stake in the company.
Source: IANS