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MRPL Q2 net profit up

MANGALORE: Mangalore Refinery and Petrochemicals Ltd. (MRPL), a subsidiary of ONGC, registered 57 per cent increase in net profit at Rs.282 crore in the second quarter of this fiscal as against Rs.180 crore in the corresponding period last year.

The unaudited results were announced in New Delhi on Tuesday after approval from the MRPL board of directors.

An MRPL press release says here that the company's turnover during the quarter at Rs.9,590 crore marked 7 per cent increase over Rs.8,950 reported in the same quarter in the previous fiscal. This was achieved despite 10 per cent lower throughput due to a planned shutdown for maintenance.

Rise in exports

Exports increased by 19 per cent to Rs.2,859 crore in the latest quarter, up from Rs.2,398 crore in the corresponding period last year.

The Rs.13,964-crore expansion project is progressing ahead of schedule.

MRPL and ONGC boards have cleared the project for installation of single point mooring (SPM) at the New Mangalore Port at an estimated cost of Rs.1,044 crore with completion target of May 2012, the release says.

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