Categories: Business

ONGC reports first ever quarterly loss on impairment loss

Photo: ONGC TO INVEST

ongc q4 results

new Delhi. The public sector Oil and Natural Gas Corporation (ONGC) has incurred losses for the first time on a quarterly basis. The company has shown a net loss of Rs 3,098 crore in the January-March quarter of FY 2019-20, mainly due to the loss on investment of the company due to falling oil gas prices. This resulted in a profit of Rs 4,240 crore for the company in the same period of the previous financial year 2018-19. The valuation of assets in the company's books has to be reduced beforehand due to the fall in oil and gas prices, the main reason for the loss of the country's most prominent oil and gas producer.

The company's chairman and managing director Shashi Shankar said the company incurred a loss of Rs 4,899 crore on assets in the fourth quarter of 2019-20 due to falling crude oil prices. However, the company has made a profit during the entire financial year. The net profit of the company was halved to Rs 13,445 crore for the entire financial year 2019-20 due to the loss on the value of the asset. It was Rs 26,765 crore in the previous year 2018-19.

The company's total income declined to Rs 21,456 crore in the review quarter. It was Rs 26,765 crore in the same period last fiscal. The company's crude oil production fell marginally to 58.2 lakh tonnes in the January-March quarter from 59 lakh tonnes in the same period last year. Similarly, the company's natural gas production also declined to 6.04 billion cubic meters on an annual basis. Last year it was 6.56 billion cubic meters. Shankar said that the net profit of its overseas unit ONGC Videsh Limited also declined to Rs 454 crore in 2019-20 from Rs 1,682 crore last year.

This post was published on June 30, 2020 10:16 pm

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