Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a net profit of Rs 172.71 crore in the first quarter of 2011-12 as against a profit of Rs 28.46 crore in the corresponding period of the previous fiscal, recording a growth of 505 per cent.
During Q1 of the current fiscal, the gross refining margin of the refinery increased to $ 2.99 a barrel from $ 1.97 a barrel in Q1 of 2010-11. The total throughput during the period stood at 3.30 million tonnes (2.91 million tonnes).
A company release said here on Tuesday that the net profit was arrived at after considering Rs 95 crore as depreciation, Rs 27 crore as interest cost and Rs 133 crore as interest income during the first quarter of 2011-12. (The net profit during the Q1 of 2010-11 was arrived at after considering Rs 99 crore as depreciation, Rs 25 crore as interest cost and Rs 43 crore as interest income.)
During the first quarter of the current fiscal, the company recorded a net exchange loss of Rs 82.91 crore as against the net exchange loss of Rs 152.81 crore in Q1 of the previous fiscal.
It recorded an inventory loss of Rs 60 crore in the first quarter of the current fiscal as against an inventory loss of Rs 89 crore in the corresponding period of the previous fiscal.
The profit before tax stood at Rs 236.63 crore (Rs 12.90 crore) during the period.
The total turnover stood at Rs 14539.16 crore (Rs 8999.07 crore). Of the total turnover, export turnover stood at Rs 5335 crore (Rs 2459 crore).
IRAN ISSUE
The release said that the effort in resolving payment issue with Iran is under progress. The company is confident that an all-acceptable solution will be found shortly, it said.
PHASE III EXPANSION
On the Phase III expansion project, the release said that the overall project progress was 85.10 per cent as on July 15. The company is planning to take up commissioning of its additional 3 MTPA by January or February 2012, it said.
On Tuesday, the scrip of the company closed at Rs 80.30 on BSE against the previous close of Rs 83.15.