Net sales during the quarter fell 7.2% year-on-year (YoY) to Rs 1,04,488.95 crore. Natural gas production, on the other hand, dipped to 6.04 BCM from 6.56 BCM in January-March 2019.PSU Watch is a business news brand of 27 Frames Communications LLP. Oil and Natural Gas Corporation (ONGC) has reported a net loss of ₹3,098.26 crore in the fourth quarter of financial year 2019-20. Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. The impairment also halved the net profit for 2019-20 to Rs 13,445 crore from Rs 26,765 crore in the previous financial year. 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.
Pre-tax loss … It exists when an asset’s fair value is less than its carrying value on the balance sheet.The impairment loss has also resulted in ONGC seeing its FY2019-20 net profit halve to Rs 13,445 crore from Rs 26,765 crore a year back. For reprint rights: Times Syndication ServiceONGC reports first-ever loss at Rs 3,098 crore in Q4 on impairmentSensex cracks by 335 points but pharma stocks outperform Bezos ex-wife gives $1.7bn of Amazon fortune to charities FY'19 income tax return filing deadline extended till September 30 Grocery shopping tips to stay safe amid coronavirusFace shields for an added protection when you step out of your homeWebcams with built-in mic for easy vlogging and conferencing It places the spotlight on PSUs, Governance, Bureaucracy, Defence and Public Policy as the sector traverses through a period of radical change. According to Edelweiss, ONGC missed estimates by 63 per cent primarily due to a one-time impairment loss worth Rs 4,890 crore towards crude oil or gas inventory. In Q4, revenue fell to Rs 21,456 crore from Rs 26,759 crore a year earlier. India’s top oil and gas producer reported a Rs 3,098 crore loss in the January-March quarter compared with a profit of Rs 4,240 crore in the same period a year back. ONGC Chairman Shashi Shanker said that the company posted an impairment loss of Rs 4,899 crore in the Q4 of 2019-20; New Delhi: ONGC (Oil and Natural Gas Corporation) has reported its first-ever quarterly loss in the Q4 of FY2019-20 in the wake of a historical decline in crude oil prices and the continuing slump in gas prices. Impairment can occur as the result of an unusual or one-time event, such as a change in legal or economic conditions, change in consumer demands, or damage that impacts an asset. Crude oil production slumped marginally at 5.82 MT in the March quarter as compared to 5.9 MT in the previous fiscal. Shanker said the company's overseas arm ONGC Videsh Ltd too saw its net profit for FY20 fall to ₹454 crore from ₹1,682 crore after it also took an impairment loss of around ₹3,000 crore. Chairman and managing director Shashi Shanker said ONGC booked an impairment loss of Rs 4,899 crore in the fourth quarter of 2019-20. ONGC has reported its first-ever quarterly loss in the Q4 of FY2019-20 in the wake of a historical decline in crude oil prices and the continuing slump in gas prices.
ONGC has reported its first-ever quarterly loss in the Q4 of FY2019-20 in the wake of a historical decline in crude oil prices and the continuing slump in gas pricesIn accounting, impairment describes a permanent reduction in the value of a company’s asset, typically a fixed asset or an intangible asset. Natural gas output slipped to 6.04 billion cubic meters from 6.56 bcm in January-March 2019 after demand fell … ONGC fell 1.35% to Rs 80.30 after the company reported a consolidated net loss of Rs 6,189.44 crore in Q4 FY20 as against net profit of Rs 4,751.36 crore in Q4 FY19.
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