Mangalore Refinery and Petrochemicals Limited (MRPL) has reported a net profit of Rs.314 crore in the third quarter ended December 31, 2012 against Rs.110 crore in the corresponding period in the previous year. The turnover was Rs.13,658 crore against Rs.11,712. Exports stood at Rs.5,943 crore against Rs 4,046 crore.

The company recorded its highest-ever turnover of Rs.40,601 crore in the nine month ended December 31, 2011. The throughput was also higher at 9.41 MMT during the period under reference. The company achieved 3.77 $/bbl gross refining margin (GRM) during the third quarter, according to a company release.

The board of directors of MRPL, a subsidiary company of ONGC and a category I Mini Ratna, approved its unaudited results for the third quarter of 2011-12.

The company achieved higher turnover of Rs.13,658 crore during the third quarter and recorded a GRM of 3.77 $/BBL in the third quarter of 2011-12. Earnings have been good considering the challenges of price volatility, demand reduction and rupee depreciation. The company continues to have the domestic credit rating of AAA from ICRA and CRISIL, the release said.

The refinery expansion and modernisation project has achieved an overall physical progress of 91.50 per cent as on January 15 this year.

The polypropylene unit has progressed to 74.3 per cent as on the same date. All efforts are being taken to commission 3MMTPA CDU/VDU and DHDT, which has been declared mechanically complete and the related utilities by March, 2012. The single point mooring (SPM) system to bring crude in very large crude carriers (VLCC) tankers is targeted to be commissioned as per schedule in May 2012, the release added.

It has funded the expansion project from internal resources to the extent of Rs.7,000 crore and has drawn loan from OIDB to the extent of Rs.265 crore and Rs.1,000 crore from parent company ONGC as on December 31, 2011.

During the quarter, the company has successfully completed the revamp of CDU/VDU I and Hydrocracker I units within the scheduled time and has been taken on line for operation, the release added.

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