State-run Oil & Natural Gas Corporation (ONGC) today reported a decline of 24 per cent in net profit to Rs 3,661.14 crore for the first quarter ended June 30,2010,over the same period last year,on higher subsidy payout. The company had a net profit of Rs 4,847.92 crore in the same quarter of the previous fiscal,ONGC said in a filing to the Bombay Stock Exchange. The company paid Rs 5,515 crore towards fuel subsidy in the April-June quarter 2010,against Rs 429 crore in the same period last year. The total income declined to Rs 14,230.22 crore in the quarter ended June 2010,from Rs 15,924 crore in the same period of the corresponding fiscal. The company's net realisation on crude sale was USD 48.04 per barrel,against USD 58.25 per barrel a year ago.
