ONGC Profit Falls to 2-Year Low After Dry-Well Provisions
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Oil & Natural Gas Corp., India’s biggest energy explorer, reported its lowest profit in eight quarters after charges for wells in which it didn’t find crude oil or natural gas increased and salaries rose.
Net income fell 40 percent to 33.9 billion rupees ($603 million), or 3.96 rupees a share, in the fourth quarter ended March 31, from 56.4 billion, or 6.6 rupees a share, a year earlier, the New Delhi-based company said in a regulatory filing today. That missed the 49.3 billion-rupee median estimate of 36 analysts surveyed by Bloomberg. Net sales rose 14 percent to