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Oil and Natural Gas Corporation (ONGC) has reported a net loss of ₹3,098.26 crore in the fourth quarter of financial year 2019-20. The loss was because of a ₹4,899-crore impairment loss in the quarter under review due to Covid-19. ONGC had reported a profit of ₹4,239.50 crore in the same quarter of financial year 2018-19.
The total income during the fourth quarter of fiscal 2019-20 stood at ₹22,781.84 crore, down from ₹29,150.73 crore.
The lower total income and profits were due to a fall in crude oil prices during the period under review.
Net realisation stood at around $49 a barrel during the quarter ended March 2020, down from around $62 a barrel in the quarter ended March 2019.
“The company has recognised an exceptional item towards impairment loss of ₹4,899 crore in the fourth quarter of financial year 2019-20 to factor into estimated future crude oil and natural gas prices. This has adversely impacted the profit after tax as compared to last year,” a company statement said.
For the full fiscal, the net profit stood at ₹13,444.54 crore, down from ₹26,764.60 crore in fiscal 2018-2019. The total income stood at ₹1,02,318.64 crore in fiscal 2019-2020, down from ₹ 1,16,919.81 crore.
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