The Hindu : Business / Briefly : MRPL Q1 profit at Rs. 369 cr.

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Tuesday, Jul 24, 2007
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Business - Briefly

MRPL Q1 profit at Rs. 369 cr.

Special Correspondent

NEW DELHI: Mangalore Refineries and Petrochemical Limited (MRPL) on Monday posted excellent results in the first quarter of the current financial year with the net profit rising by 71 per cent to Rs. 369 crore from Rs. 216 crore in the corresponding quarter in the previous year.

The turnover has gone up by 17 per cent to Rs. 8,494 crore during the quarter from Rs. 7,274 crore, according to an official announcement made here after the meeting of the board of directors of the company.

Having been conferred the Mini-Ratna status, MRPL is now in discussion with the Mauritius Government for development of storage terminals in Mauritius, through a separate joint venture or by creating a special purpose vehicle (SPV). The parent company Oil and Natural Gas Corporation Limited (ONGC) has entered into a memorandum of understanding with Hindustan Petroleum Corporation Limited (HPCL) for product sale-purchase, providing infrastructure services, joint acquisition and development of infrastructure and co-operation and collaboration in energy related fields.

Work on retail outlets (ROs) is in progress and the first RO is likely to be commissioned during the second quarter. The three new satellite depots at Kasargod, Hindupur and Hosur are nearing completion and are expected to commence operation shortly. MRPL is also making a rapid progress in implementation of its refinery upgradation and expansion project in Mangalore. The licensor’s selection is in advance stage of finalisation and is likely to be completed by the middle of next month.

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