Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a net profit of Rs 109.76 crore during the third quarter of 2011-12 as against Rs 313.76 crore in the corresponding period of the previous fiscal, a decline of 65 per cent.
During the period, the total turnover of the company stood at Rs 13,658 crore (Rs 11,712 crore). Of this, the exports turnover was Rs 5,943 crore (Rs 4,046 crore).
A company release said here on Tuesday that its earnings have been good considering the extraordinary challenges of price volatility, demand reduction and rupee depreciation.
During Q3 of 2011-12, the gross refining margin (GRM) of the company stood at $3.77 a barrel of crude processed as against $6 a barrel in the corresponding period of the previous fiscal.
The company achieved a throughput of 3.04 million tonnes (3.49 million tonnes) during the period.
The company recorded an inventory gain of Rs 728 crore during the third quarter of 2011-12 as against a gain of Rs 474 crore in the corresponding period of the previous fiscal. The operating margins of the company declined to Rs 164 crore (Rs 218 crore) during the period.
The phase–III refinery expansion and modernization project has achieved an overall physical progress of 91.50 per cent as on January 15, the release said.
IRAN back-up plan
Our Delhi Bureau reports: MRPL says it is ready with a back-up plan in case crude oil imports from Iran get affected.
Speaking to newspersons after announcing the third quarter results, Mr Sudhir Vasudeva, Chairman, MRPL, said, “Supplies from Iran are continuing and as of now there are no payment related issues.”
The company gets 90-day credit for its supplies from Iran. The current outstanding payment to Iran is $1.1 billion. These are not dues, Mr Vasudeva reiterated.
During the current year, the contract is for sourcing 7.1 million tonnes from Iran. However, the procurement could be less than this.
On Tuesday, the shares of MRPL closed at Rs 59.65 on BSE against the previous day's close of Rs 58.45.