MRPL posts 41 per cent profit

New Delhi, May 11 (UNI) Mangalore Refineries and Petrochemicals Ltd (MRPL) today said it has posted 41 per cent increase in net profit in 2006-07 at Rs 525 crore from Rs 372 crore in the same period last year.

The Board of MRPL meeting held here approved the accounts of the company for the year 2006-07. The Board has decided to recommend higher dividend of 8 per cent (previous year 7 per cent) despite substantial improved financial performance.

The board has decided to only a marginal hike in dividend payout keeping in view the large requirement of funds for the ongoing refinery upgradation and expansion project, involving capex of Rs 8,000 crore, company's Chairman R S Sharma said.

The company achieved the highest ever refinery crude throughput at 12.54 MMT, up 3 per cent from 12.12 MMT. It was also the highest ever capacity utilisation at 129 per cent, up 4 per cent from 125 per cent and the highest capacity utilisation amongst all Indian refineries.

The turnover went up at Rs 32,377 crore, up 15 per cent from Rs 28,243 crore.

The company earned a net profit of Rs 525 crore as compared to Rs 372 crore in the previous year after providing for interest and finance charges of Rs 215 crore (Rs188 crore), depreciation of Rs 355 crore (Rs 350 crore) and tax liability of Rs 563 crore (Rs 251 crore).

The exports during the year were Rs 11,637 crore compared to Rs 11,917 crore.

During the year the company has started production of Crumb Rubber Modified Bitumen (CRMB) which improves the life and quality of the roads.

The company has also signed contracts with State Trading Corporation, Mauritius and Emirate National Oil Company, Dubai for export of petroleum products for a year aggregating approximately 1.5 million metric tonnes.

MORE UNI