MRPL posts Rs. 566 crore net profit in third quarter

Mangalore Today News Network

Mangalore, Feb 9, 2017: Mangalore Refinery and Petrochemicals Ltd., (MRPL), has improved its performance during 2016-17 by improving its gross revenue and production.

Announcing the quarterly results, as on December 31, 2016 here, the company said that it posted a net profit of Rs. 566 crore in Q3 this year as against the Rs. 295 crore posted during the corresponding quarter of the previous year.

The net profit for nine months ending December 2016 too increased to Rs. 1,700 crore as against the loss of Rs. 217 crore posted during the corresponding nine months of the previous financial year.

A release from MRPL here said the company posted a gross revenue of Rs. 15,740 crore for Q3 of 2016-17, which is up by 41% as compared to Rs. 11,193 crore in the corresponding quarter of FY 2015-16.

It said the increase in gross revenue was due to increase in the throughput by 14% and also increase in the product prices by around 5% in the quarter compared to previous quarter prices.

The Gross Refinery Margin for Q3 FY 2016-17 improved to $ 7.43 / barrel as compared to $ 4.83/ barrel in Q3 FY 2015-16. The company achieved a throughput of 4.35 million tonnes for Q3 FY 2016-17 as against 3.82 million tonnes in Q3 FY 2015-16. It has achieved a throughput of 12.04 million tonnes for nine months period ending December 31, 2016 as against 11.17 million tonnes during corresponding period of last year.
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MRPL has achieved a turnover of Rs. 41,316 crore for the nine-month period ending December 31, 2016 as against Rs. 37,387 crore during the corresponding period of FY 2015-16.

Courtesy: The Hindu