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India oil producer ONGC Q3 profit plummets

Indian Government-controlled Oil & Natural Gas Corp. said its net income fell by nearly 50% for the final three months of 2014, following a sharp decline in crude oil prices.

ONGC, India's biggest oil-and-gas explorer, reported a profit of 35.71 billion rupees (US$575 million) during the October-December period, compared with 71.26 billion rupees a year earlier.

The company's revenue dropped by 10% to 187.15 billion rupees. Expenses rose 17% to 151.34 billion rupees, the company said. ONGC contributes nearly two-thirds of India's local crude-oil output.

International crude oil prices have declined almost 50% since June.