ONGC profit zooms 11% to $883.63M in Q3-06

By agencies   |   Tuesday, 31 January 2006, 08:00 Hrs
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NEW DELHI: Oil and Natural Gas Corporation (ONGC) saw 11 percent increase in its net profit at $883.63 million for Q3-06, against $794.09 million during the corresponding period last year, after sharing a subsidy of $302.72 million.

According to the company statement, its turnover has increased by three percent to $2851.81 million, despite a subsidy payout of $646.13 million to the oil marketing companies - IndianOil, Bharat Petroleum Corporation and Hindustan Petroleum, as per Government instructions.

Announcing the results, ONGC’s Chairman and Managing Director, Subir Raha said, “Oil and gas production is moving up after the tragic loss of BHN platform in July 2005, and further increases are expected in the next three months.”

The subsidy burden amounted to $1943.18 million during the current nine month (this implies around 19 percent of the sales revenues), as compared to $707.72 million in the corresponding period, last year, the company said. Without the subsidy sharing, the net profit of ONGC would have increased by 31 percent during the period under review.

The company has already paid the highest-ever interim dividend of 250 percent for the current financial year (in December 2005), amounting to a payout of $810.22 million.

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