Financial Daily from THE HINDU group of publications
Thursday, Apr 27, 2006
Financial Daily from THE HINDU group of publications Thursday, Apr 27, 2006 |
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Corporate Results
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Petroleum Web Extras - Financial Performance KRL net profit down despite higher turnover Our Bureau
Kochi , April 26 Kochi Refineries Ltd (KRL), a subsidiary of Bharat Petroleum Corporation Ltd (BPCL), has posted an all-time high turnover of Rs 17,931 crore for the financial year 2005-06, a 16 per cent leap over the last fiscal's turnover of Rs 15,451 crore. The profit before tax, however, dropped to Rs 324 crore while the net profit stood at Rs 211 crore. The corresponding figures in the last financial year were an all-time high profit before tax of Rs 1,193 crore and profit after tax of Rs 842 crore. The dip in the net profit this year is mainly due to the discount offered to oil marketing companies (approx Rs 350 crore) and reduction in tariff protection (approx Rs 300 crore), an official release said. KRL has surpassed previous records in the production of products such as ATF (aviation turbine fuel) touching 1,55,733 tonnes (previous best 1,39,243 tonnes), mineral turpentine oil 53,170 tonnes (52,747 tonnes) and sulphur 19,733 tonnes (16,880 tonnes). With two major planned shutdowns in the process units, the crude thruput stood at 6.94 million tonne (mt). Last year, it had a record thruput of 7.92 mt.
The company has been awarded Level-8 by Det Norske Veritas (DNV) in the ISRS audit conducted in December 2005. The quality control facilities have received ISO 17025 certificate of accreditation from National Accreditation Board for Testing & Calibration Laboratories (NABL), under the Union Ministry of Science & Technology. The certification is valid for three years from September 20, 2005. For the first time, acoustic emission testing is being used for the inspection of pressure vessels and storage tanks.
The refinery's quality control department is participating in Shell Main Products Correlation Scheme, organised by Shell Global Solutions, UK from November 2005. KRL Quality Control has so far received two certificates from Shell Global Solutions for achieving 100 per cent score on gas oil and gasolene sample testings conducted in January and March 2006, respectively.
New products
Bitumen Emulsion, a new eco-friendly product, was launched by KRL in June 2005. The first batch of EURO-III Motor Spirit was dispatched in January 2006 and EURO-III High Speed Diesel was dispatched in December 2005 with existing facilities and without any additional investment.
KRL signed the memorandum of understanding (MoU) with BPCL for 2006-07 envisaging a crude oil thruput of 7.5 mt. As per the MoU, a gross profit of Rs 429 crore on a turnover of Rs 16,188 crore is expected to be generated.
The parameters envisaged in the MoU are: normal bitumen sales of 1,28,000 tonnes and special grade bitumen sales of 32,000 tonnes; aromatics sales of 60,000 tonnes and MTO of 55,000 tonnes. Crude and product prices are based on an average price for 18 months from April 2004 to September 2005.
Plan outlay
Utilisation of plan outlay has been introduced as a new target for the coming year. The excellent target is fixed at 90 per cent of the total outlay. Total expenditure plan outlay of various projects for 2006-07 is Rs 326.15 crore, of which an outflow of Rs 300 crore is expected from the major ongoing project, i.e. SPM project. The targets on utilisation of annual plan outlay are based on the outflow for the major project (SPM).
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