The Hindu Business Line : MRPL net up at Rs 118 cr in Q3

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Mangalore Jan. 24 The Mangalore Refinery and Petrochemicals Ltd (MRPL) has posted a net profit of Rs 118 crore during the third quarter of the current financial year as against Rs 19 crore in the corresponding period of the previous year.

This net profit is after providing for interest and finance charges of Rs 51 crore (Rs 51 crore), depreciation of Rs 89 crore (Rs 86 crore) and tax liability of Rs 99 crore (Rs 16 crore).

Addressing presspersons here on Wednesday, Mr R. Rajamani, Managing Director of the company, attributed the increase in net profit to the refund of SKO and LPG discounts that the OMCs (oil marketing companies) had taken from MRPL.

The company's gross turnover went up to Rs 8,403 crore (Rs 7,405 crore), registering a growth of 13 per cent. The turnover for the quarter includes Rs 143 crore released by OMCs towards LPG and kerosene discounts with effect from April 1, 2006.

The gross refining margins of the company stood at $3.5 ($2.5). During the quarter, the company registered highest ever capacity utilisation at 139 per cent (up five per cent from 132 per cent). During the period, the throughput of the company stood at 3.36 mt (up five per cent from 3.19 mt).

NINE MONTHS

However, the company witnessed a decrease in net profit at Rs 344 crore (Rs 401 crore) during the first nine months of the fiscal. The gross turnover during the period stood at Rs 24,586 crore (Rs 21,254 crore), and the throughput was 9.31 mt (9.23 mt). The export sales during the first nine months were Rs 8,913 crore (Rs 8,050 crore).

He said that the company continues to show excellent growth in direct marketing sales that were at Rs 459 crore (Rs 392 crore), recording a growth of 17 per cent.

The first batch of mixed xylene product is set for shipment on January 25, he added.

The MRPL stock closed at Rs 45.25 (Rs 44.45) on the BSE on Wednesday.