ONGC fourth quarter net up 71 percent

Mumbai, May 28 (IANS) Oil and gas exploration major ONGC Friday reported a 71 percent jump in net profit for the quarter ended March 31 at Rs.3,776 crore against Rs.2,207 crore in the year-ago period.

Net sales of the state-owned energy giant grew 7.36 percent to Rs.14,713 crore compared to Rs.13,704 crore in the January-March 2009 quarter.

Total income increased to Rs.16,471.47 crore during the last quarter of 2009-10, as against Rs.15,113.13 crore in the previous corresponding quarter.

For the whole fiscal, ONGC’s net profit stood at Rs.16,767.55 crore an increase of almost 4 percent, as compared to Rs.16,126.31 crore in 2008-09.

Net realisations during the fiscal, improved to $55.94 per barrel compared to $47.70 per barrel in 2008-09.

Consolidated net profit for the group was Rs.19,403.53 crore during 2009-2010 as compared to Rs.19,795.34 crore in the previous fiscal.

Total Income fell from Rs.109,615 crore during 2008-09 to Rs.107,058 crore for the year ended March 31, 2010.

The company’s board decided on a dividend of Rs.15 per share. The ONGC scrip closed with a 0.5 percent gain Friday at Rs.1,130.95. The results were declared after the markets closed.

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