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Drumbeat: Ad Buzzaar
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Tuesday, June 30, 1998
ONGC to pay Rs 2.5 a share
OUR INFRASTRUCTURE BUREAU
NEW DELHI, June 29: Enthused by a 32 per cent growth in net profit and a 15 per cent increase in sales turnover, the Oil and Natural Gas Corporation (ONGC) board on Tuesday declared 25 per cent dividend for the 1997-98 fiscal. In the previous year it had paid 20 per cent to its shareholders. The PSU's net profit jumped to Rs 2,678 crore from Rs 2,037 crore in 1996-97. Its gross profit increased by 30 per cent to Rs 3,312 crore last year, from Rs 2,533 crore the previous year. Interest pay-out for the year came down by 17 per cent, but it paid 27 per cent more in taxes and depreciation showed a growth, too. The revision of pipeline transportation rates brought home Rs 819.68 cr of arrears and gave a boost to the gross profit. The jump in turnover to Rs 15,224 crore from Rs 13,235 crore was partly possible because of an increase in gas prices, following the dismantling of the administered pricing system. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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