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ONGC H1 net rises

By Our Special Correspondent

MUMBAI, OCT. 28. ONGC (Oil and Natural Gas Corporation) has posted a net profit of Rs. 5,692 crores for the first half of the current fiscal ended September 30, 2004, a rise of 15 per cent compared to Rs. 4,960 crores in the corresponding period in the previous year.

"The record Rs. 5,692 crore profit was achieved after paying out Rs. 1,782 crores as subsidy to IOC, BPCL and HPCL as instructed by the Government and after absorbing all the other subsidies and pay-outs as per prevailing policies", ONGC stated in a press release.

ONGC posted a turnover of Rs. 22,290 crores for the first half, up 33 per cent over Rs. 16,712 crores.

The turnover for the second quarter was Rs. 11,903 crores, up 35 per cent over Rs. 8,785 crores.

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