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Mr U.K. Basu

Our Bureau

Mangalore, May 27 Mangalore Refinery and Petrochemicals Ltd (MRPL) has posted a net profit of Rs 608 crore during the fourth quarter of 2008-09, as against Rs 225 crore in the corresponding period of the previous fiscal, recording a growth of 170.22 per cent.

This profit is after providing for interest and finance charges of Rs 33 crore (Rs 36 crore), depreciation of Rs 95 crore (Rs 95 crore) and tax provision of Rs 276 crore (Rs 84 crore).

Speaking to Business Line over phone from New Delhi on Wednesday, Mr U.K. Basu, Managing Director of MRPL, attributed the growth in net profit to three factors – best physical performance of the refinery, improvement in gross refining margin (GRM) and inventory gains.

The physical performance of 3.42 million tonnes (3.15 million tonnes) was one of the highest ever during the fourth quarter, he said. During the fourth quarter of 2008-09, the gross refining margin stood at $7.54 per barrel ($5.56).

The company recorded an inventory gain of Rs 289 crore during the fourth quarter, he said.

The gross sales of the company during the quarter stood at Rs 7,630.08 crore (Rs 10,812.40 crore). The product sales stood at 3.34 million tonnes (2.99 million tonnes) during the period.

FY09 Performance

During 2008-09, the company posted a net profit of Rs 1,193 crore (Rs 1,272 crore), after providing for interest and finance charges of Rs 143 crore (Rs 148 core), depreciation of Rs 382 crore (Rs 378 crore) and tax provision of Rs 619 crore (Rs 461 crore net of credit for MAT paid in earlier years).

The turnover of the company stood at Rs 42,719 crore (Rs 37,339 crore).

During the fiscal, the refinery crude throughput was at 12.59 million tonnes (12.55 million tonnes). A company release said here that this was the highest ever capacity utilisation among Indian refineries.

The board of directors of the company, which met in New Delhi on Wednesday, has recommended maintaining the dividend of Rs 1.20 a share of Rs 10 each.

On Wednesday, the stock of MRPL closed at Rs 75.95 on BSE against the previous closing of Rs 65.70.

More Stories on : Petroleum

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