Business Daily from THE HINDU group of publications
Tuesday, Jun 26, 2007
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Business Daily from THE HINDU group of publications Tuesday, Jun 26, 2007 ePaper |
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Financial Performance Corporate Results - Petroleum
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On a slick path Co had to shell out $22-a-barrel discount to refiners in 2006-07 Net profit for March fiscal up 8% despite highest-ever subsidy payment Resource scarcity, gas pricing and high attrition are some of major concerns
OIL RESULTS: Mr R.S. Sharma, Chairman and Managing Director, ONGC, and Mr R.S. Butola, Director, addressing a press conference in the Capital on Monday. — Kamal Narang
New Delhi June 25 Payments to State-run refiners to share the cost of subsidised fuel prices saw Oil & Natural Gas Corporation's (ONGC) fourth quarter (quarter ended March 31, 2007) profit dip by 13 per cent to Rs 2,681.64 crore. The company's net profit in the corresponding quarter in 2006 was Rs 3,085.89 crore. However, the company's total income saw an increase of 16.35 per cent in the fourth quarter at Rs 14,575.92 crore (Rs 12,528.23 crore). Speaking to presspersons after the board meeting, Mr R.S. Sharma, Chairman and Managing Director, ONGC, said that resource scarcity, subsidy payment, gas pricing, and high attrition are some of the main concerns of the company. For the fiscal ended March 31, 2007 the company saw a 8 per cent increase in net profit to Rs 15,643 crore (Rs 14,431 crore) notwithstanding the highest-ever subsidy payment of Rs 17,024 crore (up from Rs 11,957 crore). The impact of subsidy on net profit was Rs 10,333 crore. The company's turnover for the 2006-07 fiscal stood at Rs 56,904 crore (Rs 48,201 crore).
``ONGC's gross realisation in crude sales was $66 a barrel, but company had to shell out a discount of $22 a barrel to refiners toward subsidised fuel sales. "The net realisation for ONGC in 2006-07 was $44 per barrel,'' Mr Sharma said. The board also recommended a dividend of 310 per cent on expanded capital after bonus issue of 1:2. The net profit of group companies add up to Rs 17,770 crore(Rs 15,398 crore). Crude oil production went up by 9 per cent to 26.05 million tonnes in 2006-07 (from 24.4 mt).
Related Stories: More Stories on : Financial Performance | Petroleum | Oil & Natural Gas Corporation Ltd
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