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Our Bureau

Mangalore, Oct 28

Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded 92.47 per cent decline in net profit in the second quarter of 2008-09 because of inventory losses.

The net profit after tax for second quarter of the current fiscal was Rs 25 crore (Rs 332 crore), after providing for interest and finance charges of Rs 38 crore (Rs 36 core), depreciation of Rs 96 crore (Rs 95 crore) and tax provision of Rs 19 crore (Rs 26 crore).

A company release here attributed the reduction in net profit to inventory loss of approximately Rs 646 crore (net of tax), on account of sharp reduction in crude oil and petroleum product prices from August onwards.

The gross refining margin during the quarter was $2.34 a barrel of crude processed as against $6.11 a barrel in the corresponding previous quarter. Throughput during the period was at 3.29 million tonnes (3.22 mt).

The turnover of the company stood at Rs 13,428 crore (Rs 7,616 crore), recording a growth of 76 per cent. Exports during the quarter stood at Rs 4,039 crore (Rs 2,715 crore).

The board of MRPL, which met in New Delhi on October 27, approved the financial results for the second quarter of 2008-09.

The release said that in view of the heavy under recoveries in marketing of petrol and diesel and on the advice of the Union Ministry of Petroleum and Natural Gas, the company has put on hold setting up of retail outlets, except the two outlets where the construction is nearing completion.

The MRPL-Shell Aviation joint venture formed for marketing for ATF has started its first supply by fuelling aircraft of Lufthansa on August 17, at Bangalore International Air

More Stories on : Petroleum

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