MRPL net soars 85% to Rs 850 crore

BS 200 SCORECARD

Mangalore Refinery & Petrochemicals (MRPL) on Monday announced an 85 per cent increase in net profit at Rs 850 crore during 2004-05. Its turnover increased 64 per cent to Rs 20,650 crore compared with Rs 12,612 crore in 2003-04.

MRPL's refinery processed 11.85 million tonne crude during the year, up 18 per cent over 10.05 mt in 2003-04. The company's export earnings rose 38 per cent to Rs 6,186 crore from exports.

MRPL also announced the signing of a term contract with Ceylone Petroleum Corporation for export of 3,20,000 million tonne of petroleum products. The deal has been struck against a line of credit of $50 million extended by the Exim Bank under a government-to-government framework.