ONGC's July-September profit rises 60%

摘要

Mumbai-Indian state-owned upstream major Oil and Natural Gas Corporation November 4 said its net profit for the three months to September 30 was Rupees 86.42 billion ($1.76 billion), up 60% from a year ago on the back of higher crude prices. ONGC's subsidy burden for the period, which is the second quarter of the fiscal year ending in March 2012, also increased due to higher crude prices. The company said it took a hit of Rupees 33.22 billion to its after-tax profit for the quarter on subsidy discounts to stateowned oil refining and marketing companies under the government's formula of sharing onethird of the subsidy cost incurred by them. In the same quarter of 2010-2011, the subsidy had an impact of Rupees 17.21 billion on after-tax profit.