BS reported that riding on higher refining margins, Mangalore Refinery and Petrochemical Limited has reported net profit more than doubled in the fourth quarter ended March 2011.

Mr AK Hazarika chairman of Mangalore Refinery and Petrochemical Limited said that "Net profit was up by 119% to INR 553 crore in the January to March 2011 quarter as opposed to INR 253 crore in the same period a year ago."

MRPL, a subsidiary of Oil & Natural Gas Corporation earned USD 9.09 as refining margins on every barrel of crude oil in Q4 2010, up by 87% from corresponding quarter of the last financial year.

Net sales for the quarter rose over 42% to INR 12,413 crore. The company's net profit for the whole of 2010-11 rose marginally to INR 1,176 crore, while net sales for the year grew 22% to INR 38,956 crore.

(Sourced from BS)