The Hindu Business Line : Kochi Refineries net up 51 pc

The unaudited financial results of the company for the fourth quarter, which were placed before the board of directors, revealed that the gross profit was Rs 1,193 crore (Rs 906 crore), breaching the Rs 1,000 crore-mark for the first time.

The results, which were subjected to a limited review by the auditors, were taken on record by the board, a company release said.

Gross turnover has grown by 32 per cent to an all-time high of Rs 15,451 crore.

Against a target of 7.55 million tonnes, the crude throughput grew to 7.92 million tonnes. Capacity utilisation touched 105 per cent.

Among output of products, the figure for aviation turbine fuel grew to 1.39 lakh tonnes, toluene to 41,938 tonnes, mineral turpentine oil to 52,747 tonnes, and natural rubber modified bitumen to 34,468 tonnes - all record production levels for the company.

Facilities for meeting the auto fuel Bharat Stage II emission standards were commissioned during the year and production of BS II grade motor spirit and high-speed diesel commenced much ahead of schedule by January 2005.

The company exported 0.8 million tonnes of petroleum products valued around $213 million. KRL has received three-star certification for benchmarked exporting facilities and performance.

It also signed an MoU with BPCL, which targets a crude oil throughput of 7.5 million tonnes for 2005-06 and a turnover of Rs 12,862 crore.

The gross margin envisaged is Rs 723 crore and the gross profit for the year is targeted at Rs 598 crore. Other parameters envisaged in the MoU are normal bitumen sales of 1.28 lakh tonnes, special grade bitumen sales of 32,000 tonnes, construction of rainwater harvesting facilities and implementation of SBM facilities.

The R&D wing has developed an additive for improving the combustion characteristics of diesel.

It gives more mileage per litre of diesel when used in IC engines and the emissions are also comparatively less. A commercial plant has already been set up for the bulk production of the additive.

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Kochi Refineries net up 51 pc