ONGC Q4 net dips 16% at Rs 2,207 cr

New Delhi, Jun 24: Country's biggest oil explorer Oil and Natural Gas Corporation (ONGC) today said its net profit declined 16 per cent to Rs 2,207 crore in the fourth quarter ended March 2009, compared to Rs 2,627 crore in the same period previous fiscal, primarily on account of lower crude prices coupled with subsidy-sharing burden.

The company's sales turnover dipped 12 per cent to Rs 13,815 crore in Q4 FY09 from Rs 15,728 crore in the corresponding quarter previous fiscal.

For FY09, the net profit slipped three per cent to Rs 16,162 crore from Rs 16,702 crore during the previous fiscal.

The gross realisation in January-March 2009 decreased more than half to 47.85 dollar per barrel from 100.37 dollar per barrel in the same period in 2008 due to fall in global crude prices.

Its net realisation fell to 43.40 dollar per barrel in FY09 from 49.66 dollar per barrel in a year ago.

The company Board has recommended final dividend at the rate of Rs 14 per share for the financial year 2008-09.

UNI