The Hindu Business Line : MRPL back in black, Q4 net at Rs 182 cr

Mumbai May 11 Mangalore Refinery and Petrochemical Ltd (MRPL) reported a net profit of Rs 181.88 crore for the quarter ending March 31, as against a loss of Rs 29.50 crore for the same quarter last year. Net sales for the quarter increased by 6.35 per cent to Rs 6,797.92 crore (Rs 6,391.99 crore).

For the year closing March 31, the net profit increased by 41.41 per cent at Rs 525.53 crore (Rs 371.61 crore). Net sales increased by 14.68 per cent to Rs 28,633.14 crore (Rs 24,967.54 crore).

Dividend

The board of the company has decided to recommend a dividend of 8 per cent, compared to 7 per cent in the previous year. The marginal hike in dividend payout is keeping in view the large requirement of funds for the ongoing refinery upgradation and expansion project, involving a capital expenditure of approximately Rs 8,000 crore, a company note said.

The implementation of refinery upgradation-cum-expansion project has started with appointment of Engineers India Ltd as the project management consultants in June 2006.

Licensor selection for various units is in advanced stage of finalisation.

Contracts

During the year, the company has started production of crumb rubber modified bitumen, which improves the life and quality of the roads. It has also signed contracts with State Trading Corporation, Mauritius, and Emirate National Oil Company, Dubai, for export of petroleum products for a year aggregating approximately 1.5 million tonnes.

The company has also reached an understanding with Hindustan Petroleum Corporation Ltd for sharing infrastructure facilities. As a first step, MRPL has already started utilising HPCL's facilities in Mangalore for direct sale of products to its customers.

MRPL is proceeding with the setting up of retail outlets and expects about 15 retail outlets to be commissioned by the end of the current financial year. It has received the approval of the Ministry of Petroleum and Natural Gas for marketing aviation turbine fuel and also has been registered with Airport Authority of India for the same, the release said.