MRPL Q4 net up 119% at Rs 553 crore on higher refining margins

NEW DELHI: Mangalore Refinery and Petrochemical Ltd ( MRPL) today reported more than doubling of its net profit in the fourth quarter ending March 31, 2011 on higher refining margins.

"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 an year ago," MRPL Chairman A K Hazarika told reporters here.

MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), earned USD 9.09 on turning every barrel of crude oil into petroleum product in Q4 as against a gross refinery margin (GRM) of USD 5.30 per barrel, he said.

Turnover was up 40 per cent to Rs 13,599 crore, while exports rose 55 per cent to Rs 5,240 crore.

Refinery processed 3.37 million tons to crude in the quarter as compared to 3.06 million tonnes an year ago.

Hazarika, who is also the Chairman and Managing Director of ONGC, said net profit in 2010-11 fiscal increased to Rs 1,176.63 crore from Rs 1,112.38 crore an year ago.