Mangalore Refinery and Petrochemicals Ltd (MRPL) has recorded a net profit of ₹1,169.70 crore during the fourth quarter of 2014-15 against a net profit of ₹1,067.04 crore in the corresponding period of the previous fiscal, recording a growth of 9.62 per cent.
A company release said here on Friday that the profit-after-tax was after considering ₹149 crore as depreciation (₹177 crore), ₹114 crore as interest cost (₹58 crore) and a net foreign exchange gain of ₹168 crore (₹575 crore).
The release said that the company could achieve highest-ever throughput of 4.12 million tonnes during Q4 of 2014-15 against 3.84 mt in the corresponding period of the previous fiscal.
It attributed the consistent operation of the units as a reason for this. Strong operating performance from the refining business and lower flat prices resulting in lower fuel cost led to higher operating profits.
During the fourth quarter, MRPL posted a GRM (gross refining margin) of $ 6.97 a barrel ($ 3.18 a barrel). (GRM can be defined as the difference between crude oil price and total value of petroleum products produced by the refinery.)
FY 2014-15
During the financial year 2014-15, the company recorded a throughput of 14.65 mt (14.55 mt) and a turnover of ₹62,412 crore (₹75,226 crore).
The release said the decline in turnover value is due to a steep fall in product prices. Operating performance during the financial year is impacted by the decline in inventory values. The GRM was $ (-)0.64 a barrel ($2.67 a barrel) due to significant inventory loss of $ 4.08 a barrel against inventory gain of $ 0.98 a barrel in the corresponding period previous year.
During 2014-15, the after-tax loss was ₹1,712 crore against a profit of ₹601 crore in the previous fiscal. The loss is after considering ₹499 crore as depreciation (₹706 crore), ₹407 crore as interest cost (₹321 crore), foreign exchange loss of ₹683 crore (loss of ₹2 crore) and inventory loss of ₹2751 crore (inventory gain of ₹632 crore), the release said.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.