MRPL records impressive performance third quarter

18 Jan '08

3 min read

Mangalore Refinery & Petrochemicals Ltd, an ONGC Group Company and a mini ratna I, continues its upswing in performance by notching a net profit of Rs 347 crore, 194% above the corresponding previous quarter (Rs 118 crore) in 2006-07

The net profit for the quarter is after providing for interest and finance charges of Rs.36 crore (Rs.51 core), depreciation of Rs.95 crore (Rs.89 crore) and tax provision of Rs.101 crore (Rs. 99 crore).

The turnover was 11% higher at Rs.9, 324 crore (Rs.8, 403 crore) Throughput during the quarter was 10% lower at 3.02 MMT (3.36 MMT) due to turnaround of some of the secondary processing units taken in November – December 2007. The turnaround was completed safely within 25 days, 5 days ahead of schedule, with meticulous planning

NINE MONTHS PERFORMANCE: The Performance of the Company during the nine months period ended 31st December 2007 is equally impressive.

The gross turnover was Rs.26,671 crore, up 8% (Rs.24,586 crore) and throughput 9.40 MMT up 1% (9.31 MMT). The net profit during the nine-month period ended 31st December 2007 was Rs.1,047 crore up 204% (Rs.344 Crore).

AWARDS AND RECOGNITION: MRPL's performance on Energy Conservation continues to be excellent. The government of Karnataka, Department of Energy and Karnataka Renewable Energy Development Limited, has awarded `Certificate of Merit' for energy conservation for the year 2006-07 in refinery sector.

MARKETING INITIATIVES: MRPLlaunched its first Retail Outlet HiQ, satnding for highest quality fuels and services at Maddur (near Mysore), Karnataka on 12th January 2008. Two more outlets in Hubli and Mangalore are scheduled to be commissioned by March 2008.

The work for the remaining Retail Outlets in Karnataka, Andhra Pradesh and Tamil Nadu is at an advanced stage. The Company has received permission from Airports Authority of India for supplying ATF to the aircrafts, through mobile fuellers at Mangalore Airport.

STATUS OF PROJECTS: The Licensors for 4 major units in respect of the Refinery Upgradation and Expansion Project (Phase III) at Mangalore have already been selected and design work has already started.

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