merisarkar news service
New Delhi, October 27, 2010
Q2 profit is up by 57%: UK Basu
Mangalore Refinery and Petrochemicals (MRPL) reported a 57 per jump in net profit in the July-September quarter on the back of higher refining margins. MRPL's net profit rose to Rs 281.57 crore from Rs 179.69 crore in Q2 of the last fiscal, company Chairman RS Sharma told reporters here.
"The higher net profit was despite the refinery processing 10 per cent lower crude oil in the quarter due to a planned maintenance shutdown," he said.
MRPL earned $6.12 on every barrel of crude oil that it processed in the July-September quarter, as against a gross refining margin (GRM) of $3.59 per barrel a year ago, said Mr. Sharma.
The refinery converted 2.87 million tonnes of crude oil into fuel in Q2 this year, compared to its crude throughput of 3.19 million tonnes in the previous fiscal.
Rupee appreciation against the US dollar resulted in a net gain of Rs 123 crore for the refiner, while its operating margin rose to Rs 377 crore from Rs 245 crore in Q2 a year ago.
MRPL reported a 7 per cent rise in turnover to Rs 9,590 crore in Q2, he said.
Company Managing Director UK Basu said MRPL undertook a 24-day maintenance shutdown of its 7.14 million tonne per annum crude/vacuum distillation unit in the quarter.
