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ONGC Q3 net dips 6.4 pc on higher subsidy bill, rupee rise
New Delhi, January 22, 2008
Oil and Natural Gas Corp reported a 6.4 per cent drop in
net profit in the third quarter of this fiscal as its subsidy
payout to state-run oil marketing firms nearly trebled during
the period.
The company posted a net profit of Rs 4,367 crore despite
selling crude oil at record 91.19 dollars a barrel price in
October-December quarter, ONGC Chairman and Managing Director
R S Sharma told reporters.
"We paid Rs 6,080 crore toward subsidising petrol, diesel,
domestic LPG and PDS kerosene in October-December as against
Rs 2,204 crore a year ago," he said.
This is a jump of almost 175 per cent. After subsidy, ONGC's
net realisation in dollar terms was 54.52 dollars a barrel,
which after factoring in the 12.23 per cent rise in rupee the
net realisation slipped to Rs 2,151 per barrel from Rs 2,288
dollars a barrel in October-December 2006.
In October-December 2006, when ONGC got 50.87 dollars a barrel
after giving subsidy payout of 11.27 dollars a barrel, one US
dollar was equal to 44.97 rupees, which now is 39.47.
Sales during the third quarter were down 2.6 per cent to Rs
15,218 crore, he said. Sales during the first nine months of
2007-08 were almost unchanged at Rs 44,409 crore.
In April-December, ONGC posted a 8.6 per cent rise in net
profit to Rs 14,075 crore after subsidy payout of Rs 13,528
crore. It realised 53.69 dollars a barrel after paying out
26.68 dollars per barrel toward subsidies. But after factoring
in rupee appreciation, it got Rs 2,170 a barrel as against Rs
2,147 per barrel a year ago.
Sharma said ONGC was being made to pay royalty on crude oil
produced to states at gross realisation and in effect, it
should be calculated at price realised after subsidy payout.
"The excess royalty payment in October-December was Rs 422
crore and in April-September Rs 508 crore."
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