36 C
Delhi
Thursday, July 16, 2020

ONGC reports first-ever quarterly loss on impairment loss

- Advertisement -

ONGC bags all 7 oil, gas blocks in latest OALP bidding roundNew Delhi, Jun 30 (PTI) State-owned Oil and Natural Gas Corp (ONGC) on Tuesday reported its first-ever quarterly loss after it took an impairment on the slump in oil and gas prices.

India”s top oil and gas producer reported a Rs 3,098 crore loss in the January-March quarter as compared to a profit of Rs 4,240 crore in the same period a year back.

Company Chairman and Managing Director Shashi Shanker said ONGC booked an impairment loss of Rs 4,899 crore in the fourth quarter of 2019-20, reflecting valuation of the firm”s assets after fall in crude oil prices.

But for the impairment, the company would have booked a profit.

An impairment loss is a recognised reduction in the carrying amount of an asset that is triggered by a decline in its fair value.

The same reason also led to the company seeing FY20 net profit halved to Rs 13,445 crore from Rs 26,765 crore a year back.

Revenue in the fourth quarter fell to Rs 21,456 crore from Rs 26,759 crore a year earlier.

Crude oil production was marginally lower at 5.82 million tonnes in January-March as compared to 5.9 million tonnes in the previous fiscal.

Natural gas output fell to 6.04 billion cubic meters from 6.56 bcm in January-March 2019 after demand fell due to the COVID-19-induced lockdown.

Shanker said the company”s overseas arm ONGC Videsh Ltd too saw its net profit for FY20 fall to Rs 454 crore from Rs 1,682 crore after it also took an impairment loss of around Rs 3,000 crore. PTI ANZ BAL

Follow Us For Latest Updates -

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics

Covid 19 India Updates

Only 3% engineer graduates get high-quality tech jobs in India: Report

Bengaluru, July 16 (IANS) Only three per cent of engineer graduates in India get high-quality tech jobs with salary packages of Rs 8-10 lakh...

Trending Right Now

Coordinated social engineering attack has hit us: Twitter

San Francisco, July 16 (IANS) Facing the worst-ever scam in the history of social media, Twitter on Thursday acknowledged hackers have taken control of...