The Hindu Business Line : MRPL Q1 net jumps 71% at Rs 369 cr

Mangalore, July 23 Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of ONGC, has earned a net profit of Rs 369 crore in the first quarter of the current fiscal, as against Rs 216 crore in the corresponding period of the previous year, recording a growth of 71 per cent.

A press release from the company said here on Monday that MRPL has achieved a highly satisfactory performance on both physical and financial parameters during the first quarter of 2007-08. The company earned a net profit of Rs 369 crore (Rs 216 crore) after providing for interest and finance charges of Rs 40 crore (Rs 58 crore), depreciation of Rs 94 crore (Rs 85 crore) and tax provision of Rs 250 crore (Rs 160 crore).

The refinery crude throughput during the quarter stood at 3.16 million tonnes (2.75 million tonnes), a growth of 15 per cent.

The turnover stood at Rs 8,494 crore (Rs 7,274 crore) and the export sales at Rs 2,911 crore (Rs 2,797 crore), a growth of 17 per cent and 4 per cent respectively.

The release said that the board of MRPL, in its meeting at New Delhi on Monday, approved the financial resultsfor the first quarter.

RETAIL OUTLETS

Work on retail outlets is in progress and the first outlet is likely to be commissioned during the second quarter. Three new satellite depots at Kasargod, Hindupur and Hosur are nearing completion and are expected to commence operation shortly, the release said.

Discussions with airline companies for supply of ATF are in advance stage of conclusion.

The company is making rapid progress in implementation of its refinery upgradation and expansion project at Mangalore. The selection of licensors for various units is in advance stage of finalisation and is likely to be completed by mid-August. The project is scheduled to be completed in 2010-11.

The release said that ONGC Mangalore Petrochemicals Ltd (OMPL), the joint-venture company formed for setting up an aromatic complex at Mangalore SEZ, is also in advanced stage of finalisation of licensors.

In addition, low-cost revamp of the crude distillation unit, hydrogen unit, hydro-cracker unit and gas oil desulphurisation unit is also being taken up. Preparation of design package is in progress, it said.

On Monday, the MRPL scrip closed at Rs 46.40 on the BSE against the previous close of Rs 45.25.