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RECORD payout: Chairman and Managing Director, ONGC, R. S. Sharma (centre), with Managing Director, ONGC Videsh, R. S. Butola (left), and Director (Offshore), N. K. Mitra, at a press conference in New Delhi on Wednesday. NEW DELHI: Oil and Natural Gas Corporation (ONGC) on Wednesday announced a two per cent dip in its net profit for the fourth quarter ended March 31, 2008, with the subsidy payout burden having almost doubled during the fiscal. Making this announcement at a press conference here, R. S. Sharma, Chairman and Managing Director, said that the net profit for the quarter stood at Rs. 2,627 crore, down two per cent from Rs. 2,682 crore in the same period previous year. “The fourth quarter subsidy burden almost doubled to Rs. 8,427 crore from Rs. 4,668 crore in the same period last year,” he said. ONGC subsidises sale of petrol, diesel, LPG and kerosene by giving discounts on crude sales to Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. DividendDuring the whole of 2007-08, the company registered a net profit of Rs. 16,702 crore, up 7 per cent from Rs. 15,643 crore despite the highest ever subsidy payout of Rs. 22,001 crore. It saw sales going up by 6 per cent to Rs. 60,137 crore and has recommended a higher dividend of 320 per cent against 310 per cent previously. During the year, ONGC produced 6.449 million tonnes of crude oil down from 6.554 million tonnes last year and natural gas of 5.348 billion cubic metres down from 5.664 billion cubic metres in 2006-07. It sold crude oil to state refiners at $49.66 a barrel in the January-March quarter. The state-run company sold crude oil at heavy discounts under government instructions to help state refiners sell fuel cheap. Without the discount, it would have sold crude at $100.37 a barrel.
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