Financial Daily from THE HINDU group of publications
Tuesday, Feb 01, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 01, 2005 |
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Corporate Results
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Petroleum ONGC net doubles to Rs 3,493 cr in Q3 Our Bureau
New Delhi , Jan. 31 OIL and Natural Gas Corporation's net profit has risen by 103 per cent to Rs 3,493 crore for the third quarter ended December 31, 2004, mainly on the strength of higher crude oil prices. ONGC realised $41.25 per barrel for the 6.68 mt of crude oil it sold to public sector oil refiners as against the $27.31 a barrel it received in the previous year period. "ONGC recorded a 103 per cent increase in net profit to Rs 3,493 crore (Rs 1,719 crore) in the third quarter of this fiscal despite paying Rs 1,332 crore to Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation towards under-recoveries on LPG and kerosene,'' Mr Subir Raha, Chairman & Managing Director, ONGC, told reporters here. The company posted sales of Rs 12,134 crore (Rs 7,335 crore, a rise of 65 per cent. The production of crude oil was 6.68 mt while the natural gas production was 5.87 billion cubic metres.
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