Special Correspondent

NEW DELHI: Mangalore Refinery and Petrochemicals Limited (MRPL) has earned a net profit of Rs.

371.60 crore during 2005-06, significantly lower than the previous year's Rs. 880 crore. The drop in net profit is attributed to the discounts which have had to be given on sale of products as well as lower offtake by oil marketing companies. In addition, according to a company release, MRPL has had to face a reduction in refining margins in line with global trends, says a company release.

The company has decided to recommend a dividend of seven per cent as against 10 per cent last year, on equity shares. The dividend will absorb Rs. 122.70 crore, excluding Rs. 17.21 crore as tax on dividend.

The turnover has risen from Rs. 20,693 crore to Rs. 28,243 crore, a rise of 36.4 per cent. Exports have touched a record level of Rs. 11,917 crore against Rs. 6,191 crore in 2004-05.