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Spurt in MRPL's net

Special Correspondent

To pay 10 p.c. maiden dividend

NEW DELHI: The net profit of Mangalore Refinery and Petrochemicals Limited (MRPL) has spurted by 92 per cent to Rs. 880 crore in 2004-05 from Rs. 459 crore in the previous year while the company has been able to wipe out accumulated losses of Rs. 1,185 crore.

The board of directors has recommended a maiden dividend of ten per cent bringing the total dividend outgo to Rs. 175.26 crore, excluding Rs. 24.58 crore as tax on dividend.

The company, which became a subsidiary of the Oil and Natural Gas Corporation in 2003, said in a release that the remarkable improvement in the working results of the company had been possible due to sustained availability of improved crude mix, higher capacity utilisation, reduction in interest costs, reduction in fuel and loss and healthy refining margins prevailing in the international markets throughout the year. The turnover rose by 64 per cent to Rs. 20,692 crore from Rs. 12,612 crore, according to the audited results. Export sales rose by 38 per cent to Rs. 6,185 crore from Rs. 4,478 crore. Refinery crude throughput increased by 18 per cent to 11.848 million tonnes from 10.046 million tonnes.

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