Mangalore Refinery and Petrochemicals Ltd (MRPL) —the refining arm of state-owned ONGC — recorded a decline in its net profit by 58.4 per cent to Rs 253 crore for the quarter ended March 31, 2010, compared with the same period last year.
The company posted a net profit of Rs 608 crore for the January-March quarter of 2009.
Income from operations rose to Rs 9,723 crore in January-March, 2010, from Rs 7,630 crore in the same period of the previous fiscal.
The board of the company has proposed a dividend of Rs 1.2 per share of the face value Rs 10 for shareholders.
For the year ended March 31, 2010, the company posted a net profit of Rs 1,112 crore, down 6.7 per cent as against the previous fiscal year.