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ONGC net profit falls 64% in Q3 on low crude prices

Net profit in October-December at Rs 1,286 crore was 64 per cent lower than Rs 3,571 crore in the same period a year ago, ONGC chairman and managing director DK Sarraf said.

twitter-logo PTI   New Delhi     Last Updated: February 12, 2016  | 12:41 IST
ONGC net profit falls 64% in Q3 on low crude prices

State-owned Oil and Natural Gas Corp (ONGC) on Thursday reported a 64 per cent drop in its December quarter net profit mainly because of one-time write off on falling crude oil prices.

Net profit in October-December at Rs 1,286 crore was 64 per cent lower than Rs 3,571 crore in the same period a year ago, ONGC chairman and managing director DK Sarraf said.

The profit was down as Rs 3,994 crore was provided as impairment loss, he said.

Revenue was down 2.3 per cent to Rs 18,547 crore on falling oil prices, he said.

 

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