ONGC's Q1 net down 34% on higher cost, write-offs

New Delhi: Oil & Natural Gas Corp reported a 34 per cent year-on-year decline in profit in the June quarter to Rs 4016 crore on the back of higher costs and write-offs.The firm had to
ongc s q1 net down 34 on higher cost write offs -...
India TV Business Desk 12 Aug 2013, 17:36:24 PM IST
New Delhi: Oil & Natural Gas Corp reported a 34 per cent year-on-year decline in profit in the June quarter to Rs 4016 crore on the back of higher costs and write-offs.



The firm had to provide Rs 1611 crore toward post retirement benefit scheme during the quarter. It also doled out Rs 12620 crore toward subsidy payment to oil retailers which sell fuel at government rates.
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