• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mangalore, July 25 Mangalore Refinery and Petrochemicals Ltd (MRPL) has registered a net profit after tax of Rs 845 crore in the first quarter of 2008-09 as against Rs 368 crore in the corresponding period of the previous fiscal, recording a growth of 129 per cent.

The net profit is higher mainly due to inventory gain of Rs 655 crore net of tax on account of increase in average crude oil price from about $100 a barrel in March 2008 to $129 in June.

A company release said the net profit after tax for the quarter was after providing for interest and finance charges of Rs 36 crore (Rs 40 core), depreciation of Rs 95 crore (Rs 94 crore) and tax provision of Rs 474 crore (Rs 250 crore).

The gross refining margin was $18.03 a barrel of crude purchased as against $ 8.27.

The margin is higher mainly due to inventory gains of about $ 11.27 a barrel as against $ 1.85

During the quarter, turnover touched Rs 10,747 crore (Rs 7,376 crore), recording a growth of 46 per cent.

Throughput was 2.77 million tonnes (3.16 million tonnes), mainly due to planned shut-down of phase II crude units of six MTPA during April for about 10 days.

On Friday, the scrip of the company closed at Rs 67.45 at BSE against the previous closing of Rs 57.80.

In view of the heavy under recoveries in marketing of petrol and diesel and the directive of Union Ministry of Petroleum and Natural Gas, the company has put on hold setting up of retail outlets except in the case of two outlets that are almost complete.

The company has also discontinued sale of diesel to the Bangalore Metropolitan Transport Corporation, Karnataka State Road Transport Corporation, Indian Railways and other large customers as the Government has not accepted the request of the company to issue oil bonds and crude discounts from upstream companies to compensate for the under recoveries in diesel sales, the release added.

More Stories on : Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Grasim Q1 profit stays flat

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line