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MRPL surges to record profit of 601 cr

MRPL surges to record profit of 601 cr

Mangalore Today News Network

Mangalore, Sep 14, 2014:  The subsidiary of the public sector enterprise ONGC, Mangalore Refineries and Petrochemicals Limited (MRPL) has registered the highest profit in its history, Rs 601 crore in the fiscal 2013-14, after taxes. Speaking at a press conference, post the 26th Annual General Meeting of the enterprise held here on Sept 13, MRPL Chairman and ONGC CMD Dr D K Sarraf said that the company had posted a highest-ever turnover of Rs 75,226 crores during the financial year.

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In the last fiscal, MRPL had registered a loss of Rs 757 crores. As many as 14.59 MMT of crude, again a highest-ever, has been processed by the company during the current fiscal. This was 14.41 MMT last year. MRPL has also achieved a record export turnover of Rs 35,392 crore during the same period. Though the company has registered profit, the Board of Directors has not recommended any dividend owing to the loss suffered in the last fiscal.

Phase 3 completion by Dec : The Chairman stressed that the Rs 15,000 crore estimated, Phase 3 project of the MRPL would be completed by this December. In the project, Delayed Coker Unit, first train of Sulphur Recovery Unit (SRU), Coker Gasoil Hydro Treating Unit, second train of SRU and Petrochemical Fluidized Catalytic Cracker Unit have been commissioned in the year 2013-14. The commissioning of Polypropylene project (PP) is the sole pending work which is expected to be functional by December. About 96.6 per cent of the PP has been completed. Saraaf attributed certain external issues for the delay in the commissioning of PP. These issues caused the shifting of location of PP which resulted in the delay in the site work and environmental clearance. Funds for Lady Goshen hospital

To a query, ONGC CMD responded that ONGC-MRPL is committed to fund the promised Rs 21 crore to the construction of multi-storey building at Lady Goshen hospital. “Due to the loss posted in 2012-13 financial year, MRPL could not hand over the full amount. Now MRPL had requested ONGC to allott the fund under ONGC’s CSR initiatives. We will deliberate the matter in ONGC board meeting,” he clarified. He reiterated that the fund would be handed over.  MRPL Managing Director HKumar, Director (Finance) Vishnu Agarwal, Director (Refinery) Vijay G Joshi were present. 


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