MRPL Turns Black With Rs 40 Crore Profit In Q3

New Delhi, Jan 30: | Updated: Jan 31 2004, 05:30am hrs
Within nine months of its takeover by ONGC, Mangalore Refinery and Petrochemicals Limited (MRPL) hasbecome a profit making company. MRPL has reported a gross turnover of Rs 3,357 crore (Rs 2,368 crore in the corresponding quarter of previous year) for the quarter ended December.

The company earned a net profit of Rs 40 crore during the quarter after providing for finance and interest charges of Rs 101 crore (129 crore), depreciation of Rs 95 crore (96 crore) and deferred tax liability of Rs 22 crore (deferred tax assets Rs.76 crore). This is against a loss of Rs 130 crore during the same period last fiscal.

Throughput during the quarter is 2.667 million metric ton (1.950mmt). MRPL achieved highest ever monthly throughput of 929.30 thousand metric tonnes in December 2003 (11.15 mmt on annualised basis as against rated capacity of 9.69 mmt) and continues to run the refinery at more than 100% capacity since August 2003. Export of product amounted to Rs.1782 crore (Rs 446 crore) for the quarter.

Cumulative performance during the period April, 2003 to December, 2003 shows that the gross turnover of MRPL is up 36 per cent and has touched Rs 8,544 cores from Rs 6,266 crore during the same period last year.

The company has prepaid entire Facilities A and B of rupee term lenders under the debt restructuring package (DRP) aggregating to Rs 2,380 crore on 7th January 2004.