MRPL posts Rs 268 cr net loss in Q3

Mangaluru: Mangalore Refinery and Petrochemicals on Friday reported a net loss of Rs 268 crore in December quarter 2018 after refinery margins turned negative.

The company logged a profit of Rs 970 crore in October-December 2017-18, as per a company statement.

It lost USD 0.64 on turning every barrel of crude oil into fuel in the third quarter of 2018-19 as compared to earning USD 9.27 on turning every barrel of crude oil into fuel in the same period of previous year.

In value terms, Mangalore Refinery and Petrochemicals Ltd (MRPL) lost Rs 148 crore in refinery margins as compared to a gain of Rs 1,973 crore in December quarter of 2017-18.

Turnover rose 16 per cent to Rs 20,250 crore. Exports were up 54 per cent at Rs 8,852 crore.

MRPL processed 4.38 million tonnes of crude oil in October-December 2018, down from 4.49 million tonnes a year ago.

The company posted a profit of Rs 13 crore during April-December 2018 on a turnover of Rs 54,539 crore. It had earned a profit of Rs 1,682 crore in the same period a year ago on a turnover of Rs 44,322 crore.

MRPL, a subsidiary of state-owned Oil and Natural Gas Corp, operates 15 million tonne a year refinery at Mangalore in Karnataka.