India's ONGC Reports Rise in Annual Profit
Indian state-owned Oil and Natural Gas Corporation (ONGC) May 30 reported a 34% rise in standalone profit for the 12-months to March (fiscal 2018-2019).
ONGC’s profit for fiscal 2018-2019 was rupees 267.16bn ($3.8bn) as against rupees 199.45bn in the previous year. Standalone profit during the three months to March (Q42019) was, however, down 32% year-on-year to rupees 40.45bn, it said.
The company reported its highest ever consolidated net profit at rupees 338.87bn, up 30% on an annual basis.
ONGC’s gas production during fiscal 2018-2019 rose 5.4% on year to 24.7bn m3, while during Q4 gas output was up 8.2% on year to 6.27bn m3. Also, the gas price climbed 16.3 per cent to USD 3.36 per million British thermal units.