MRPL posts loss in Q1 on Re devaluation

Written by Press Trust of India | New Delhi | Updated: Aug 9 2013, 17:40pm hrs
Mangalore Refinery and Petrochemicals (MRPL) on Thursday reported a net loss of Rs 454 crore in the June quarter on back of foreign exchange losses. The loss of Rs 454 crore in April-June quarter was, however, lower than a net loss of R1,521 crore in the same period a year ago.

MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), said it lost R517 crore as rupee value against US dollar depreciated from R54.31 to a US dollar to R59.40.

The company earned $2.94 on turning every barrel of crude oil into fuel in Q1 as against a negative gross refining margin of $4.15 per barrel in April-June 2012.

Turnover rose 19.8% to R16,134 crore while export rose 16.6% to R6,928 crore.

MRPL procesed 3.27 million tonnes of crude oil at its Mangalore refinery, up from 2.89 million tonnes in Q1 last year. Exports rose to 1.55 million tonnes from 1.34 million tonnes. The 15 million tonnes a year refinery is being expanded to 18 millions, which is 99.02% complete.