Financial Daily from THE HINDU group of publications
Tuesday, Jan 31, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 31, 2006 |
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Corporate Results
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Petroleum ONGC profit rises 11 pc to Rs 3,888 cr, turnover 3 pc in Q3 Our Bureau
New Delhi , Jan. 30 ONGC saw 11 per cent increase in its net profit for the third quarter-ended December 31, 2005. The company has posted a net profit of Rs 3,888 crore against Rs 3,493 crore in the corresponding period last year, after sharing a subsidy of Rs 1,332 crore. According to a company statement, its turnover has increased by 3 per cent to Rs 12,548 crore, despite a subsidy payout of Rs 2,843 crore to the oil marketing companies - IndianOil, Bharat Petroleum Corporation and Hindustan Petroleum, as per Government instructions. The subsidy burden amounted to Rs 8,550 crore during the current nine month (this implies around 19 per cent of the sales revenues), as compared to Rs 3,114 crore in the corresponding period, last year, the company said. Without the subsidy sharing, the net profit of ONGC would have increased by 31 per cent during the third quarter and by 50 per cent during the nine-month ended December 31, 2005, compared to the same period last year, it said. Earnings per share for the nine months has increased to Rs 79.56 compared to Rs. 64.42. For the nine months, the net profit went up by 24 per cent to Rs 11,345 crore from Rs 9,185 crore.The company has already paid the highest-ever interim dividend of 250 per cent for the current fiscal (in December 2005), amounting to a payout of Rs 3,565 crore. Announcing the results, Mr Subir Raha, Chairman & MD, ONGC noted that oil and gas production is moving up after the tragic loss of BHN platform in July 2005, and further increases are expected in the next three months.
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