Finance

ONGC Reports 6% Fall In Fourth-Quarter Net Profit

ONGC Reports 6% Fall In Fourth-Quarter Net Profit

MUMBAI Oil and Natural Gas Corporation Ltd (ONGC.NS), India's biggest hydrocarbon explorer, reported a 6 percent fall in fourth-quarter net profit to 43.40 billion rupees ($673 million) hurt by a one-time provision.

ONGC's total income for the quarter in consideration, however, increased an impressive 29.24 per cent at Rs 26,233.56 crore on account of better revenue from operations, as compared to Rs 20,297.33 crore earned in the corresponding quarter of 2015-16. He said HPCL posted its highest ever net profit of Rs 6,208.80 crore in 2016-17, up 67 per cent from Rs 3,726.16 crore past year.

Despite the lower net profits, the net realisation of crude oil from nominated blocks of ONGC for the fourth quarter of financial year 2016-2017 rose to $54.91 per barrel.

Manchester United claim first Europa League title
Manchester United registered a thumping victory in the Europa League final match against Ajax on Wednesday night. Spain worldwide Juan Mata said: "We have won a trophy the club has never won, so we are really happy".

The company's board approved a bonus issue of 1:2, implying that an investor will receive one share for every two held. Total income of company increased by 8.26% at Rs 215317.71 crore for year under review as compared to Rs 198887.99 crore for the year ended March 31, 2016.

While the company's earnings per share improved to Rs61.12 per share in 2016-17 compared with Rs36.68 the previous year, its gross sales was up from Rs1.97 lakh crore in 2015-16 to Rs2.13 lakh crore in 2016-17.

The shares of HPCL gained 11.43%, or Rs58.20, by the end of trade on Thursday to close at Rs567.45 apiece on BSE on a day when the benchmark Sensex gained 0.90% to close at 31,028.21.


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