OVL net profit dips 76% in 2017-18

Our Bureau | | Updated on: Dec 06, 2021

ONGC Videsh has reported a standalone net profit of Rs 411 crore for the financial year 2017-2018. This is 76 per cent lower than Rs 1,749 crore reported during the financial year 2016-2017. Consolidated net profit stood at Rs 981 crore during the financial year 2017-2018 against Rs 757 crore in the previous fiscal.

The board has proposed a final dividend of Rs 2 per share for the year ended March 31, 2018 (previous year: Rs 1.40 per share) excluding dividend distribution tax to be paid on fully paid-up equity share of par value of Rs 100 each.

According to a company statement, consolidated production of crude oil and oil equivalent gas during FY’18 was higher by 11 per cent compared to the previous year. The incremental production was mainly from Vankorneft and Sakhalin-1 projects, Russia; BC-10 project, Brazil; Exploratory Block CPO-5, Colombia, and due to acquisition of 4 per cent stake in the Lower Zakum Concession project in the UAE.

Published on May 24, 2018
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