The Hindu Business Line : MRPL approves 10 pc dividend

MANGALORE Refinery and Petrochemicals Ltd (MRPL) has announced a dividend of 10 per cent on the equity share capital in view of the sustained improvements in the performance of the company.

Addressing the annual general meeting of the company here on Thursday, Mr Subir Raha, Chairman of ONGC-MRPL, said that the directors of the company have recommended a dividend of Re 1 per share (10 per cent) on the equity share capital for 2004-05. The total dividend will absorb Rs 175.26 crore, excluding dividend tax of Rs 24.58 crore.

Later addressing newspersons, he said that the accumulated losses of Rs 1,185 crore as on March 31, 2003, have been wiped out. The company recorded a highest-ever turnover of Rs 20,692 crore during 2004-05. It registered record export sales of Rs 6,185 crore during the period.

It earned a net profit of Rs 880 crore. He attributed the improvements in the working results to the sustained availability of improved crude mix, higher capacity utilisation, reduction in interest costs, reduction in fuel loss and healthy refining margins prevailing in the international market throughout the year.

Out of the long-term unsecured loan of Rs 2,600 crore at bank rate — sanctioned by ONGC during January 2004 to enable MRPL to prepay its rupee loans amounting to Rs 2,637 crore under debt restructuring plan carrying an average interest of 9.15 per cent per annum - resulted in annualised savings of Rs 82 crore.

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