MANGALORE, MAY 12:  Public sector company Mangalore Refinery and Petrochemicals Ltd, subsidiary of the ONGC, has registered a 41 per cent jump in net profit to Rs 525 during the fiscal ended on March 31, against Rs 372 crore in FY'06.
The company has registered a growth of 41 per cent over last year's net profit of Rs 372 crore for the fiscal ended on March 2006, company's Managing Director R Rajamani told reporters.

The company has maintained the net profit even after providing for interest and finance charges of Rs 215 crore during the current fiscal, against Rs 188 crore last year, it also registered a depreciation of Rs 355 crore, against Rs 350 crore and tax liability of Rs 563 crore, against Rs 251 crore, he added.

The exports have dipped from Rs 11,917 crore to Rs 11,637 crore, he said.

However, the company's Board has decided to recommend higher dividend of eight per cent, against seven per cent last year, Rajamani said.

Despite substantial improvement in financial performance, the Board has decided to give only a marginal hike in dividend keeping in view the funds required for the ongoing refinery upgrade and expansion projects, which involves capex of around Rs 8,000 crore, he said.

The turnover has also gone up from Rs 28,243 crore to Rs 32,377 crore, registering a 15 per cent growth.

The company has shown excellent growth in its direct marketing sales during FY'07 which witnessed a 35 per cent growth from Rs 1,411 crore to Rs 1,908 crore.