ONGC Net Rises 35% To Rs 4,257 Cr In First Half

New Delhi, October 29: | Updated: Oct 30 2002, 05:30am hrs
Oil and Natural Gas Corporation (ONGC) has posted a net profit of Rs 4,257 crore for the first half of 2002-03, an increase of 35 per cent over the corresponding period last year.

ONGCs crude oil production, during April-September 2002, went up by 0.8 million tonnes (7.4 per cent) over the corresponding period last year, a 7.4 per cent increase over the corresponding period last year.

Gas production increased from 12.54 billion cubic meters (bcm) to 12.82 bcm. ONGCs turnover increased by 31 per cent from Rs 11,069 crore to Rs 14,497 crore. Out of the increase of Rs 3,428 crore, increased production accounted for Rs 560 crore and better prices, for the rest.

As per an ONGCs release, the sales revenue has been calculated on the basis of provisional price of $22 per barrel for crude and on the prevailing administered price for natural Gas.

The profit has been calculated after providing for additional cess levied in March 2002, resulting in payment of Rs 2,328 crore as cess during April-September, 2002 as compared to Rs 1,157 crore during the same period last year, the release said.

The increase in the operating expenses in the half-yearly accounts has resulted from provisions for abandonment, interest payment including pre-payment premium on World Bank and ADB loans, employees VRS and incentives. The interest income of Rs 774 crore includes Rs 200 crore as interest on refund of Income Tax.