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Posted on Nov 08, 08:37PM | IANS
The Oil and Natural Gas Corporation (ONGC) Thursday reported a 32 percent fall in net profit for the quarter ended September 2012.
The state-run company's net profit decreased to Rs.58.96 billion as compared to Rs.86.42 billion in the same period last year.
Total income decreased 9.44 percent to Rs.217.86 billion from Rs.240.58 billion for the last year.
Lower profit in the quarter is attributed to average crude oil prices and the discount ONGC gave to oil marketing companies (OMCs) for selling fuel at controlled rates. The discount to OMCs was Rs.11,965 crore as against Rs.12,039 crore in the corresponding quarter of last year.
During the quarter, the operating profit margin decreased to 33.3 percent from 48.30 percent for the same period of 2011.
Company net sales fell 13 percent to Rs.19,788 crore.
Its other income was up at Rs.1,901 crore, as compared to Rs.1,038 crore in the corresponding quarter of the previous year.
Shares of the company declined 0.53 percent by Rs.1.40 and settled at Rs.265.20 at the BSE Thursday.