India"s largest public sector independent petroleum refinery has reported a two-fold net profit raise for the fourth quarter (Q4) ended Mar 31 2009. But the poor numbers in the last two quarters brought down the net profit of the whole year by 6 per cent.
The poor performance in the last two quarters was because of the slump in the petroleum products price. However, in the fourth quarter there was slight raise in the crude oil prices which in turn led to MRPL"s growth.
Its gross refining margins was at 7.54 dollar which is the best it has seen in five years. MRPL has improved its capacity utilization to nearly 140 per cent of its rated capacity during the quarter with a crude throughput of 3.42 million tonnes, 8.6 per cent higher than previous corresponding quarter.
The company's debt has also become close to zero due to strong operating cash flows and reduction in debt at the end of the fourth quarter.