Mangalore Refinery and Petrochemicals Ltd. (MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC), posted a profit of Rs.405.90 crore, after provision of tax, in the first quarter of the current financial year against a loss of Rs.36.10 crore during the corresponding period of the previous quarter.
Total income from operations (net) was lower at Rs.11,316.67 crore against Rs.15,743.55 crore.
Addressing presspersons after the board meeting of MRPL here on Sunday, D. K. Sarraf, Chairman, MRPL, and also Chairman and Managing Director of ONGC, said: “The increased profit is on account of increased margins in the products coming out of the secondary units in Phase-III units and also on account of increase in the gap between the prices of crude oil and those of refined products during this quarter.”
Gross refining marginHe said that the company’s refining throughput was 3.89 million tonnes against 3.20 million tonnes in the corresponding quarter of the previous year. The gross refining margin (GRM) for the quarter was posted at $6.62 a barrel against $0.66 a barrel during the corresponding quarter.
He said that the company started commercial production of polypropylene from its 440 KTPA (kilo tonnes per annum) polypropylene unit from June 18, 2015. With this, the company’s Phase-III of refining expansion had been completed.
H. Kumar, Managing Director, MRPL, was present. The annual general meeting of the company was held on Saturday.
