MRPL net dips 57% to Rs 380 crore in 2005-06

CORPORATE SCORECARD

Mangalore Refineries and Petrochemicals Corporation (MRPL), a subsidiary of ONGC saw a 57-per cent dip in net profits in 2005-06 to Rs 380 crore from Rs 880 crore in the previous year.

"The move of the public sector oil marketing companies like Indian Oil, Hindustan Petroleum and Bharat Petroleum to freeze prices of petroleum products at March 2005-level has resulted in low realisation in the domestic markets, affecting profits," said Subir Raha, chairman and managing director, ONGC on Sunday.

However, MRPL's turnover, went up 36 per cent to Rs 28,214 crore in 2005-06 from Rs 20,692 crore in the previous years.

Its capacity utilisation for the year has been at 125 per cent. With a capacity of 9.69 million tonne per annum, the refinery produced 12.11 million tonne, thereby seeing a growth of 2.3 per cent from 11.84 million tonne in 2004-05.

Raha said that with the refinery not being able to get import parity prices for its products, the company is concentrating on increasing its exports. The exports in value terms to the Mangalore refinery nearly doubled to Rs 11,920 crore from Rs 6,185 crore.

"However this is a limited option as the refinery has to meet the demand of the oil marketing companies for products like kerosene, diesel, LPG and petrol," said Raha.