Oil and Natural Gas : & Natural Gas Corp. Swung to 4Q Net Loss Due to Impairment

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 [e-mail]