ONGC net up 11% at Rs 14,431 cr

Public sector Oil and Natural Gas Corporation on Monday said it had earned its highest ever net profit of Rs 14,431 crore (Rs 144.31 billion) in 2005-06, up 11 per cent from Rs 12,983 crore (Rs 129.83 billion) in the previous year.

"ONGC earned the highest ever net profit despite paying out Rs 11,956 crore (Rs 119.56 billion) on fuel subsidies.

The subsidy pay out in 2005-06 increased 191 per cent from Rs 4,104 crore in the previous year," R S Sharma, chairman and managing director, ONGC said. ONGC declared a final dividend of 200 per cent (Rs 20 a share).

The company had earlier declared an interim dividend of 250 per cent (Rs 25 a share) for the year 2005-06, he said.

Sharma said ONGC made 10 new oil and gas discoveries - five in the Bay of Bengal, three in Mumbai offshore and Assam.