By Kosaku Narioka
Oil & Natural Gas Corp. swung to a fourth-quarter net loss due partly to impairment and write-down charges amid the Covid-19 pandemic, it said late Tuesday.
Net loss for the quarter ended March was 61.89 billion rupees ($819.2 million), compared with net profit of INR47.51 billion a year earlier, the Indian energy company said.
ONGC booked INR90.28 billion in impairment and write-down charges, as the pandemic led to sharply lower oil prices.
Revenue for the period declined to INR1.045 trillion from INR1.125 trillion a year earlier.
Write to Kosaku Narioka at email@example.com