MRPL nets Rs. 1,177 crore profit, registers highest-ever turnover

August 27, 2011

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Mangalore, August 27: The Mangalore Refinery and Petrochemicals Limited (MRPL) has registered a net profit of Rs 1,177 crore, marginally higher against Rs 1,112 crore previous year, according to its chairman A?K?Hazarika

The company has registered highest ever turnover at Rs 43,800 crore with highest ever refinery crude thruput at 12.64 MMT, he told reporters after the 23rd annual general meeting at MRPL premises near here on Saturday.

He said MRPL has kept its business plan ready to open 122 new outlets in the first phase in the next one to two years with an estimated investment outlay of Rs 87 crore, provided the market condition is stable and conducive for economical viability of the initiative, said MRPL?Chairman A?K?Hazarika.

He said though the company has license to open 500 retail outlets, considering the under recoveries in diesel (HSD) sale, it is continuing with only one outlet (in Hubli) to avoid losses. “Another outlet at Kadri Hills in Mangalore was supposed to come up, but is pending due to litigation,” he said.

Stating that MRPL continues to sell the free products, viz., bitumen, furnace oil, naphtha, mixed xylene and sulphur directly to end consumers, Hazarika said the company has 63 per cent and 93 per cent market share in sale of bitumen and suphur respectively in Karnataka. The turnover of such direct sales was Rs 2,271 crore during the year, he added.

To a query on supply of ATF, he said the MRPL supplies ATF to Mangalore, Bangalore, Hyderabad, Kozhikode and Ahmedabad airports and plans are on the anvil to supply ATF to Mumbai as well as Delhi too.

Stating that the progress of the Single Point Mooring (SPM) project as on August 15, 2011, was 32.5 per cent, Hazarika said the project is expected to be complete by May 2012.

“The company has already obtained environmental clearance from Ministry of Environment and Forests, Government of India, for the project,”?he said.

The SPM project when completed can receive crude oil from Very Large Crude Carrier (VLCC), through a pipeline to be laid in the sea, about 16 kms from the shore of New Mangalore Port.

To a query on the opposition by local fishermen to the project, MRPL?Managing Director U?K?Basu said that SPM?is not a new phenomenon in India and the pipes will be burried inside the sea and will not cause any harm to fishing activities. “The SPM will be of the size of a room, about 16 kms away from the shore,” he said and added that all the orders for the project have been placed and the works are expected to begin in November, soon after the monsoon.

The Board of Directors of MRPL recommended final dividend payout of Rs 1.20 per share of Rs 10 (12 per cent), the same as last year, he informed.

MRPL?Director (Technical) P?P?Upadhya and Director (Finance) Vishnu Agarwal among others were present.

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News Network
September 24,2024

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The Karnataka High Court on Tuesday dismissed the petition filed by Chief Minister Siddaramaiah against Governor Thawarchand Gehlot's decision to sanction the complaint and investigation against him in the alleged Mysore Urban Development Authority (MUDA) scam case.

Justice M Nagaprasanna said the facts narrated in the petition would undoubtedly require an investigation.

The court has also said that the Governor's order approving sanction to investigate against Siddaramaiah under section 17A of the Prevention of Corruption Act does not suffer from application of mind, instead has abundance of application of mind.

Meanwhile, the court rejected the request made by senior advocate Abhishek Singhvi to stay the order of the court. The court has vacated the interim order passed on August 19. In the interim order the trial court was directed not to take any precipitative action against Siddaramaiah. On August 17, Governor had approved sanction under section 17 A  of the Prevention of Corruption Act and Section 218 of Bharatiya Nagarik Suraksha Sanhita ( BNSS), citing three applications.

The court said the private complainants were justified in registering the complaint and seeking approval from the governor.

Insofar as private complainants seeking sanction under section 17A, the court said the provision nowhere requires only a police officer to seek sanction from a competent authority. The court further said it is in fact the duty of the private complainants to seek such approval.

Earlier, The High Court had completed its hearing in the case on September 12, and reserved its orders. It had also directed a special court in Bengaluru to defer further proceedings and not to take any precipitative action against the Chief Minister.

The case pertains to allegations that compensatory sites were allotted to Siddaramaiah's wife B M Parvathi in an upmarket area in Mysuru that had higher property value as compared to the location of her land that had been "acquired" by MUDA.

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News Network
September 19,2024

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Mangaluru, Sep 19: Following the recent Nipah virus-related fatalities in Kerala, health authorities in Dakshina Kannada are taking proactive measures to monitor for potential cases of monkey fever. While typically found in African countries, monkey fever has raised concerns within the district, prompting increased vigilance.

To ensure early detection, travelers arriving at Mangaluru’s international airport and local ports will undergo health screenings. Additionally, a dedicated ambulance has been placed on standby for any emergent cases, and Wenlock Hospital has set aside a special ward with six reserved beds specifically for monkey fever patients.

"We currently have no confirmed cases of monkey fever in Dakshina Kannada, and there are no direct orders from the state government," said Dr. Timmaiah, the District Health Officer. "However, we are taking preventive measures, including continuous screening of incoming passengers. A special meeting is also being planned to discuss future action steps."

Dr. Timmaiah further highlighted the rise in general viral infections following the region's recent shift in weather patterns. "With the decline in rainfall, we are seeing an uptick in viral cases, particularly fevers accompanied by cough, cold, and throat pain, especially in children. Though Mangaluru has experienced mostly sunny weather, occasional rain at night has contributed to the spread of illnesses. It’s crucial for the public to remain vigilant and take preventive measures."

Health officials are urging residents to seek timely medical advice and follow recommended precautions to mitigate the spread of infectious diseases.

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September 16,2024

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Mangaluru: Police have arrested five miscreants belonging to saffron outfits for pelting stones at a masjid at Katipalla near Surathkal on the outskirts of the city last night. 

The arrested have been identified as Bharat, Chennappa, Nitin, Manu and Sujit all residents of Surathkal and surrounding areas. Among them, Bharat is said to be a rowdy sheeter. 

The miscreants, who came on two motorbikes late on Sunday night, pelted stones at Masjidul Huda, located at 3rd block of Katipalla on the eve of Miladunnabi.  

Confirming the incident, City Police Commissioner Anupam Agrawal said that investigation is in progress and a case has been registered at Surathkal police station.

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