MRPL profits decline

In lieu of these receivables, the company has been given 10.5 per cent Oil Companies non-transferable government of India special bonds, 2005 totalling Rs 1242 crore.

quot;As MRPL was covered under the administered pricing mechanism of the government of India, the results for the year ended March 31, 1998 were based on a normative capacity of 90 as against 60 considered for the earlier year. The company8217;s request for capacity assessment is pending with the government,quot; said the statement.

During thefirst quarter of this fiscal, the company reported a total turnover of Rs 611.61 crore. The operating profit stood at Rs 138.95 crore and net profit was Rs 5.32 crore after providing for interest cost of Rs 99.51 crore and depreciation of Rs 33.49 crore. The company8217;s product prices are now based on import parity as against prices determined under the administered pricing mechanism.