Backed by a net profit of Rs 551.15 crore (Rs 5.51 billion) in the fourth quarter, Mangalore Refinery and Petrochemicals Ltd, an Oil and Natural Gas Corporation subsidiary, has turned around and posted a net profit of Rs 459.41 crore (Rs 4.59 billion) for FY04 as against a net loss of Rs 411.8 crore (Rs 4.12 billion) in 2002-03.

The turnover for the reporting year rose to Rs 12,612.22 crore (Rs 126.12 billion) as against Rs 8,580.78 crore (Rs 85.81 billion) in 2002-03, ONGC chairman and managing director Subir Raha told newspersons in Mumbai on Tuesday.

The net profit for the fourth quarter ended March 31, 2004 stood at Rs 551.15 crore as against a net loss of Rs 80.34 crore (Rs 803.4 million) in Q4 of 2002-03 while net sales stood at Rs 3,635.5 crore (Rs 36.35 billion) as against Rs 2,049.60 crore (Rs 20.50 billion) in Q4 last fiscal.

Raha said the net profit was registered after making provisions for finance and interest charges of Rs 373 crore (Rs 3.73 billion), depreciation of Rs 378 crore (Rs 3.78 billion) and deferred tax liability of Rs 115 crore (Rs 1.15 billion).

Export sales for 2003-04 jumped by 134 per cent to Rs 4,478 crore (Rs 44.78 billion) as against Rs 1,913 crore (Rs 19.13 billion) in 2002-03, he said.

He said the one time loss-making refinery was on the verge of being referred to BIFR by end of March 2003 but since its acquisition in March last year, the company has not only wiped out the losses but is one of the top 30 companies by market capitalisation on the Bombay Stock Exchange.

He said both ONGC and MRPL together have 12.2 per cent share in BSE's market capitalisation.