Financial Daily from THE HINDU group of publications
Saturday, Apr 23, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 23, 2005 |
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Corporate
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Announcements Industry & Economy - Petroleum ONGC lowers turnover, net profit estimates for 2004-05 Our Bureau
New Delhi , April 22 OIL and Natural Gas Corporation Ltd today revised downwards its estimated turnover for 2004-05 to Rs 46,025 crore and estimated net profit to Rs 12,175 crore following instructions from Ministry of Petroleum and Natural Gas to continue the practice of sharing of under-recoveries on PDS kerosene and LPG for the fourth quarter of the fiscal. The corporation said in a statement today that compliance of these instructions would lead to a reduction in turnover by 1,000 crore and reduction in net profit by Rs 500 crore, from what it had previously estimated. It had earlier estimated a turnover of Rs 47,025 crore and a net profit of Rs 12,725 crore for 2004-05. These figures were after excluding transfer of Rs 3,114 crore profit to IOC, BPCL and HPCL for April-December 2004.
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