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ONGC Net Profit Drops 32% In Q4 2019

Gasoil News - Published on Mon, 03 Jun 2019

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Oil and Natural Gas Corporation has reported a 32 per cent drop in its standalone net profit at INR 4,045 crore for the Q4 ended March 2019, on the back of lower crude oil production and realization during the quarter. The company had posted a standalone net profit of INR 5,915 crore in the corresponding quarter ended March 2018.

ONGC’s net realization from nominated blocks in quarter declined to USD 61.93 per barrel as compared to USD 64.27 per barrel in the corresponding quarter a year ago. Also, the company’s standalone crude oil production slipped 5 per cent to 4.79 million tonne as compared to 5.04 million tonne reported in the corresponding quarter. Revenue from operations increased 12 per cent to INR 26,759 crore during the Q4 ended March 2019 as compared to INR 23,970 crore posted in the corresponding quarter. Total expenses of the company rose 20 per cent to INR 23,429 crore during the three months ended March.

For the full financial year 2018-19, the company’s consolidated net profit increased 30 per cent to INR 33,887 crore as compared to INR 26,068 crore reported in 2017-2018.

ONGC’s net crude oil price realization from nominated blocks during the last fiscal improved to USD 68.19 per barrel from USD 55.19 per barrel reported in the previous fiscal.

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Posted By : Rabi Wangkhem on Mon, 03 Jun 2019
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