MRPL FY05 net up 85%

Mangalore Refinery & Petrochemicals (MRPL), a subsidiary of Oil & Natural Gas Corporation (ONGC), has reported a 64% increase in turnover at Rs 20,650 crore for the year ended March 31, 2005 when compared with Rs 12,612 crore in FY04.

According to a release issued by MRPL to the BSE today, net profit moved up over 85% to Rs 850 crore as against Rs 459 crore in FY04.

"The refinery processed 11.85 million metric tonne (MMT) of crude, up 18% over 10.05 MMT in 2003-04 - thus recording 122% capacity utilisation over name-plate capacity of 9.69 MMT per year," the release said.

Exports were up 38% at Rs 6,186 crore from Rs 4,477 crore in the previous fiscal.

"The company has signed a term contact on April 9, 2005 with Ceylon Petroleum Corporation for export of approximately 3,20,000 metric tonne of refined products (motor spirit, high speed diesel and aviation turbine fuel) against a line of credit of $150 million extended by Exim Bank under the government-to-government framework. Shipping arrangements have already been lined up through Transchart," the release added.