ONGC Videsh Ltd (OVL), the overseas arm of state-run Oil and Natural Gas Corporation (ONGC), has reported a growth of 44 per cent in net profits for the fiscal year ended March 2013 at Rs 3,929 crore, helped by robust production of natural gas during the period. The company had posted the net profit of Rs 2,721 crore during the previous fiscal, said OVL in a filing to the exchange. Revenues, however, fell 20.4 per cent to Rs 18,029 crore during the fiscal as geo-political tensions in Syria and South Sudan impacted production. Crude oil output fell 30.2 per cent at 4.34 million tonnes during FY’13, while natural gas output rose 15.3 per cent to 2.92 billion cubic meters. "The oil production during the year was lower mainly due to adverse geo-political situation in Syria and South Sudan," said OVL in a statement.
Wednesday, 22 May 2013
ONGC Videsh FY’13 net jumps 44% at Rs 3,929 cr
ONGC Videsh Ltd (OVL), the overseas arm of state-run Oil and Natural Gas Corporation (ONGC), has reported a growth of 44 per cent in net profits for the fiscal year ended March 2013 at Rs 3,929 crore, helped by robust production of natural gas during the period. The company had posted the net profit of Rs 2,721 crore during the previous fiscal, said OVL in a filing to the exchange. Revenues, however, fell 20.4 per cent to Rs 18,029 crore during the fiscal as geo-political tensions in Syria and South Sudan impacted production. Crude oil output fell 30.2 per cent at 4.34 million tonnes during FY’13, while natural gas output rose 15.3 per cent to 2.92 billion cubic meters. "The oil production during the year was lower mainly due to adverse geo-political situation in Syria and South Sudan," said OVL in a statement.
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