ONGC bottomline rises 11% to Rs 3,887.76 crore

BS 200 SCORECARD

The state-run oil major Oil and Natural Gas Corporation (ONGC) reported growth of 11 per cent in its net profit at Rs 3,887.76 crore for the third quarter ended December 31, 2005, against a net profit of Rs 3,493 crore during the corresponding period of the last financial year.

The increase in the profit was helped by 3 per cent increase in the company's turnover to Rs 12,548 crore for the third quarter despite a subsidy payout of Rs 2,843 crore.

Chairman and Managing Director Subir Raha said in a statement: "Oil and gas production is moving up after a tragic loss of Bombay High platform in July 2005, and further increases are expected in the next three months."

ONGC's crude production during the third quarter went down 10.28 per cent to 6.37 million tonne (mt) from 7.1 mt in the corresponding period last year.

The company's production of natural gas as well as value-added products (VAPs), too, declined. Natural gas output dropped 1.86 per cent to 6.32 billion cubic metres (bcm) from 6.44 bcm in October-December 2004.

ONGC produced 870 kilotonne (kt) of VAPs during the October-December 2005 period, 0.79 per cent lower from 877 kt production for the previous corresponding period.

The oil major's net profit for the April-December 2005 period grew 24 per cent to Rs 11,345 crore from Rs 9,185 crore during the same period last year.

The company's earning per share rose to Rs 79.56 per share during the first nine months of the current year from Rs 64.42 per share in the corresponding period last year.

However, the PSU's crude production for the period fell 7.97 per cent to 19.50 mt from 21.19 mt for the same period last year. Production of natural gas also declined to 18.71 bcm from 19.04 bcm during the April- December 2004 period.