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Oil prices pull down profit

The slump in global crude oil prices led to a 43 per cent drop in the net profit of Oil and Natural Gas Corp (ONGC) to Rs 2,475 crore in the third quarter.

business Updated: Jan 29, 2009 10:34 IST
HT Correspondent

The slump in global crude oil prices led to a 43 per cent drop in the net profit of Oil and Natural Gas Corp (ONGC) to Rs 2,475 crore in the third quarter. The company had a net profit of Rs 4,367 crore in the corresponding quarter last year.

The company said it paid Rs 4,900 crore as fuel subsidies against Rs 6,080 crore a year-ago.

ONGC, along with GAIL India and Oil India Ltd, share one-third of the revenue losses incurred by the PSU oil marketing companies — Indian Oil Corp, Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd— on their domestic fuel sales by way of discounts on LPG and crude oil they sell these three oil companies.

Sales were down 17.6 per cent to Rs 12,538.65 crore in the third quarter but up 12.5 per cent to Rs 50,184.26 crore in April-December period.

Net profit in April-December was down 1.1 per cent to Rs 13,919.55 crore when compared with Rs 14,074.55 crore a year ago.