Mangalore Refinery & Petrochemicals Ltd (MRPL), an ONGC group company, has posted a net profit of Rs 845.4 crore for the first quarter ended June 30, 2008.  

The company has registered a growth of over two-fold from the year-ago period due to inventory gain of Rs 655 crore net of tax on account of increase in average crude oil price from approximately $100 per barrel in March 2008 to $129/bbl in June 2008.

The Company had posted a net profit of Rs 368.55 crore for the quarter ended June 30, 2007.

Total income of the company rose to Rs 10,811.39 crore for the quarter ended June 30, 2008 from Rs 7,509.38 crore for the previous year.

Exports for MRPL have however dropped from Rs2911 crore in the comparable period of last year to Rs 2852 crore in the first quarter of this fiscal.

The company shares reacted positively to the announcement and settled the day at Rs 67.45, up 17% compared with previous close of Rs 57.80. The total volume of shares traded was 14109292  at the BSE. (Friday)