Riding on higher refining margins, Mangalore Refinery and Petrochemical Ltd (MRPL) today reported net profit more than doubled in the fourth quarter ended March 2011.
“Net profit was up 119 per cent to Rs 553 crore in the January-March quarter as opposed to Rs 253 crore in the same period a year ago,” Chairman A K Hazarika said. Reacting to the high profit numbers, the company’s share price gained 4.59 per cent to close at Rs 74 at the Bombay Stock Exchange.
MRPL, a subsidiary of Oil and Natural Gas Corporation earned $9.09 as refining margins on every barrel of crude oil in Q4, up 87 per cent from corresponding quarter of the last financial year.
Net sales for the quarter rose over 42 per cent to Rs 12,413 crore. The company’s net profit for the whole of 2010-11 rose marginally to Rs 1,176 crore, while net sales for the year grew 22 per cent to Rs 38,956 crore.
