ONGC Q4 net drops 2% on under recoveries; offers 320% Dividend

New Delhi, June 25 (UNI) Oil and Natural Gas Corporation (ONGC), the country's leading oil producer, today posted two per cent drop in its net profit at Rs 2,627 crore for the quarter ended March 2008 as compared to Rs 2,681 crore for the corresponding previous quarter largely on account of under recoveries.

Addressing a press conference here, ONGC Chairman R S Sharma said the total income for the quarter increased from Rs 14,575 crore in March 2007 to Rs 17,659 crore for the quarter ended March 2008.

The company, however, recorded a six per cent improvement in its net profit at Rs 16,701 crore for the year ended March 31, 2008 as compared to Rs 15,642 crore for the year ended March 31, 2007.

During the financial year, the company recorded an increase in total income from Rs 60,875 crore to Rs 64,859 crore.

The ONGC Board which met here this morning approved the Annual financial results for the fiscal 2007-08 in its 180th meeting, including Group Consolidated Accounts for the fourth quarter.

The Board recommended the highest ever dividend of 320 per cent, amounting to Rs 6,844 crore, up 10 per cent from 310 per cent dividend for FY07.

UNI GS SR NS2106