MRPL posts Rs. 416 crore net profit in Quarter 2

Mangalore Today News Network

Mangaluru, Nov 10, 2016: Mangalore Refinery and Petrochemicals Ltd. (MRPL) has posted a net profit of Rs. 416 crore in the second quarter of 2016-17, as against the net loss of Rs. 913 crore posted during the corresponding period of the previous financial year.

The board of directors of MRPL on Tuesday approved the unaudited results for 2016-17. The gross revenue margin for Q2 stood at $4.65/bbl, as against $0.34/bbl during the corresponding quarter of 2015-16, a release from MRPL said.

The turnover during the quarter was Rs. 13,988 crore (exports: Rs. 3,305 crore), as against Rs. 12,488 crore (exports: Rs. 3,361 crore) during the same period last fiscal. The increase in turnover is also on account of overall increase in dispatches.

It said the turnover recorded during the half year ended September 30, 2016, was Rs. 25,575 crore (exports: Rs. 6,685 crore), as against Rs. 26,194 crore (exports: Rs. 6,712 crore) last year. The reduction in turnover is on account of decrease in product prices, although dispatches were almost at the same level.

The profit after tax for the half year stood at Rs. 1,134 crore, as compared to the loss after tax of Rs. 511 crore for the corresponding half year of 2015-16.

It further said EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of the company improved substantially on account of sustained positive GRM throughout and an almost stable forex market during the half year. EBITDA for Q2 in 2016-17 stood at Rs. 878 crore, as against Rs. (-) 695 crore during the corresponding quarter of 2015-16.

Courtesy: The Hindu