ONGC subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) on Tuesday reported a net profit of Rs 319 crore in the fourth quarter of 2018-19 as against Rs 542 crore in the corresponding period of the previous fiscal, registering a decline of over 41 per cent. Gross refining margin (GRM) of the company came down to 5.01 dollars a barrel against 7.87 dollars a barrel during the corresponding period. GRM is the difference between the price of crude and end products like diesel and petrol. Total throughput of the refinery stood at 4.29 million tonnes during the fourth quarter of 2018-19 as against 4.31 million tonnes in Q4 of previous fiscal, MRPL said in a statement.
At the same time, gross turnover of the company stood at Rs 17,744 crore with exports at Rs 6,955 crore as against Rs 18,746 crore with exports at Rs 5,128 crore. The net profit of the company declined to Rs 332 crore for the fiscal 2018-19 as against Rs 2,224 crore for the financial year 2017-18. The board of directors has recommended dividend of Re 1 per equity share of face value of Rs 10. MRPL has continued its strong market presence by way of direct marketing of its products such as petcoke, sulphur and polypropylene, it said in a statement.
The product grades of polypropylene have been increased to enhance polypropylene market share and thereby fetch higher margins. The polypropylene production stood at 388 KT for 2018-19. Efforts are on to increase presence in retail segment by setting up new retail outlets, said the company. (ANI)