MRPL's net profit climbs skyward

07-Jun-05

The net profit of Mangalore Refinery and Petrochemicals Limited (MRPL) that became a subsidiary of the Oil and Natural Gas Corporation in 2003 has spurted by 92 per cent to Rs880 crore in 2004-05 from Rs459 crore in the previous year. The company has also been able to wipe out accumulated losses of Rs1,185 crore. This improvement in the working results of the company has been possible to a great extent due to the availability of improved crude mix, higher capacity utilisation, reduction in interest costs and reduction in fuel and loss. The prevailing refining margins in the international markets throughout the year have also had a positive effect. It has helped the turnover of the company to rise by almost 64 per cent to about Rs20,692 crore from Rs12,612 crore. Export sales have also risen by almost 38 per cent to about Rs6,185 crore from Rs4,478 crore. Refinery crude throughput has increased by almost 18 per cent to about 11.848 million tonnes from 10.046 million tonnes.