Cochin Refineries Net Slips 24 %
Cochin Refineries Ltds net profit has fallen 23.8 per cent despite a jump in turnover of 15.43 per cent in 1996-97. The companys results were announced after a board meeting in Cochin yesterday.
The companys sales for 1996-97 touched Rs 3,905.97 crore against Rs 3,383.7 crore, while other income fell to Rs 12.25 crore from Rs 16.8 crore.
Net profit slumped to Rs 84.4 crore from Rs 104.5 crore despite fall in interest, depreciation and tax outgo.
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Interest costs slipped to Rs 38.5 crore from Rs 42.4 crore, depreciation dropped to Rs 45 crore from Rs 49.8 crore and tax outgo more than halved to Rs 12.6 crore from Rs 37 crore.
Cochin Refineries is a pure refiner which produces petroleum products and sells it to Indian Oil Corporation (IOC), which markets its products. It produces 7.5 million tonnes of crude at Cochin and has downstream production of 87,200 tonnes of benzene and 12,000 tonnes of toulene. In the next four years, CRL plans to increase refining throughput from 7.5 million tonnes to 10.5 million tonnes.
Besides, it also proposes to install a new crude oil pipeline to transport crude from port to refinery for Rs 100 crore. A 500-mw power plant is also being planned.