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SearchONGC profit up by seven percent
Oil and Natural Gas Corp (ONGC) has posted its highest ever net profit of Rs.167.02 billion ($4 billion) for 2007-08 against Rs.156.42 billion of previous fiscal, registering a growth of seven percent.
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Oil and Natural Gas Corp (ONGC) has posted its highest ever net profit of Rs.167.02 billion ($4 billion) for 2007-08 against Rs.156.42 billion of previous fiscal, registering a growth of seven percent.
Announcing the financial results for the last fiscal here Wednesday, ONGC chairman and managing director R.S. Sharma said the company has recommended the highest ever dividend of 320 percent amounting to Rs.68.44 billion, compared to 310 percent dividend in 2006-07.
However, due to high subsidy burden from sale of discounted fuel to oil marketing companies, ONGC saw a decline of two percent in its net profit at Rs.26.27 billion in the fourth quarter, compared to the year-ago period.
The subsidy burden in the fourth quarter increased to Rs.84.72 billion - an increase of 81 percent from Rs.46.68 billion last year. ONGC sold crude at a discounted rate of $49.66 a barrel in the last quarter.
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