MRPL Q1 net profit at Rs 845 cr

Mangalore Refinery and Petrochemicals has announced its results for the quarter ended June 2008 (Q1). The company's net profit was at Rs 845 crore versus Rs 368.5 crore.

The company's total income was at Rs 10811.3 crore versus Rs 7509 crore.

Highlights

·       Has net exchange fluctuation loss of Rs 127.04 cr this quarter

·       GRM's  USD18/bbl ,Higher GRM's mainly due to inventory gains of USD 11.27

·       Exports down from 45% to 30%

·       Q1 net up due to crude oil inventory gain of 6.55 bln rupee

·       Throughput was 2.77 mmt vs 3.16 mmt due to planned shutdown of phase II for 10 days

·       In view of under recoveries ,co has put hold on setting up of reatiling outlets except the 2 outlets which are almost complete

·       Co has virtually discontinued sale of diesel to Banglore Metro Transport Corp, KSRTC , Indian Railways as govt has not accepted request of the company to issue oil bonds & Crude discounts from upstream companies to compensate for under recoveries.