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Deccan Herald » Business » Detailed Story
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ONGC reports net profit of Rs 12,500 cr
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Agartala, pti:
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The Oil and Natural Gas Corporation (ONGC) has achieved a net profit of Rs 12,500 crore in the financial year 2004-05, showing a more than 40 per cent jump over the previous year's profit, according to company chairman-cum-managing director Subir Raha.
With this performance the company has posted a Rs 30,000 crore net profit in the last three years.
“Our growth in the hydro-carbon sector and as an oil and gas exploration company during the period was satisfactory,” Mr Raha said.
ONGC had shown a dip in net profit in the previous year at little over Rs 8,600 crore against the Rs 10,000 crore net in 2002-2003. The company's provision financial results were finalised at its board three days ago.
ONGC has set a target of Rs 50,000 crore net profit in five years of which the company has already achieved Rs 30,000 crore in three years. Mr Raha said that despite these profits the company was suffering a loss of about Rs 200 crore per annum in Tripura due to its inablity to sell huge recoverable gas.
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Wednesday, April 20, 2005
