Friday 9 November 2012

News Hour: ONGC Q2 profit slips 32 per cent to Rs 5897 crore, misses forecast.



MUMBAI: State-run producer Oil & Natural Gas Corp reported a 32 percent fall in quarterly profit, just missing expectations, as lower average crude oil prices and a higher subsidy burden weighed on profits.

The company reported a net profit of Rs 58.97 billion ($1.1 billion) for its fiscal second quarter ended September, down from Rs 86.42 billion a year earlier.
 

Analysts, on an average, had expected a net profit of Rs 60.9 billion, according to a Reuters poll of brokerages.

Net sales fell 13 percent to Rs 197.88 billion. Shares of ONGC (BSE -0.53 %), India's third-biggest company with a market value of $41.9 billion, closed 0.6 percent lower on Thursday, ahead of the results. The stock has risen 3.5 percent so far in 2012, nearly matching a 4.3 percent rise in the sectoral index .

(source: economictimes.indiatimes.com)

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