Daijiworld Media Network - Mangaluru (SP)

Mangaluru, Sep 4: Mangalore Refinery and Petrochemicals Ltd (MRPL) has recorded net profit of Rs 720 crore during the first quarter of 2016-17. During the previous year, it had earned Rs 1,148 crore net profit, said chairman of ONGC-MRPL Ltd, D K Sarraf. 

He was addressing a press conference on Saturday September 3 after holding 28th annual general meeting of the company in the auditorium of MRPL.

"The company, which had incurred loss of Rs 1,712 crore in 2014-15, returned to profit mode in 2015-16 by earning net profit of Rs 1,148 crore. As at the end of the first quarter of 2016-17, it registered financial turnover of Rs 11,588 crore and registered net profit of Rs 720 crore. Last year, the company created new records by producing 7,97,000 metric tonnes of LPG, 6,49,100 tonnes of diesel, and 8,43,000 metric tonnes of coke, he said.

He said that during the next eight years, MRPL has plans to open around 1,000 retail outlets for marketing petroleum products in Karnataka and other states.

Sarraf said that experimental use of CNG for two-wheelers has been initiated by MRPL. He also explained about various schemes on hand like providing training to 19 lac people under Skill India scheme, and creation of Hydrocarbon zone skill board etc.

At the general body meeting, shareholders suggested to streamline traffic from Suratkal to MRPL, set up alternatives like treatment of effluents for reuse, rainwater harvesting etc to manage water when it is in short supply. Sarraf said that the issue will be considered in consultation with the local body.

The press conference was attended by MRPL managing director, H Kumar, director of finance department, A K Sahu, director (refinery), M Venkatesh, and others.