Mangalore Refinery & Petrochemicals release results

The Board of Directors of Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary company of ONGC and Schedule A Mini Ratna company, approved its un-audited (Limited Review) results for the first quarter of FY 2016 - 17.

The company’s refining throughput stood at 3.66 million t as against 3.89 million t in the corresponding quarter of previous year. The GRM for the quarter was posted at US$10.01 /bbl as against US$6.62 /bbl during the corresponding quarter of previous year.

The company has posted a profit before tax of 1137 Crore as against 509 Crore during the corresponding previous quarter.

Financial performance

• MRPL recorded profit of 720 Crore after provision of tax in the first quarter of FY 2016 - 17 as against 405 Crore during the corresponding previous quarter. The increased profit is on account of increased margins in the products coming out of the secondary units in Phase III and also from polypropylene unit.
• The company’s refining throughput during the quarter was lower compared to the corresponding quarter of the previous year on account of water stoppage from the Sarapady river.

Marketing

• The company has establish its strong market presence by way direct marketing of it products petcoke, sulfur and polypropylene.
• MRPL is in the process of setting more retail outlets and at present MRPL has arranged for a site at NMPT premises for setting up a retail outlet and company is in the process of obtaining statuatory approvals.
• MRPL has also taken over the retail outlet of ONGC set up in Mangalore near the refinery unit and has now become a part of MRPL retail outlet map.

Adapted from press release by Francesca Brindle

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/05092016/mangalore-refinery-and-petrochemicals-announce-results-4016/