MRPL suffers Rs. 574.75 crore net loss in Q2

MRPL suffers Rs. 574.75 crore net loss in Q2

Mangalore Today News Network

Mangaluru, Nov 07 2019: Mangalore Refinery and Petrochemicals Ltd., on Monday, reported a net loss of Rs. 574.45 crore in the second quarter of financial year 2019-20 as against a loss of Rs. 81.16 crore reported in the corresponding period of 2018-19.

The company also reported a gross refining margin of $0.68 a barrel as against $ 4.41 a barrel in Q2 of 2018-19. Gross refining margin is the margin between crude price and prices of end products — fuel.

MRPL in a statement here said that the gross refining margin was low because of unforeseen shutdown of its phase III operations following a minor landslip during torrential rains in the coastal region. It said following the landslip near the pipe-rack, the company undertook a structured shutdown from August 18 while the operations resumed in a phased manner by September 17.

MRPL’s gross revenue from operations stood at Rs. 15,262 crore during the Q2 as against Rs. 17,733 crore in the second quarter of 2018-19. The throughput at the refinery during the second quarter was at 3.68 million tonnes as against 3.91 million tonnes in Q2 of last fiscal.

A meeting of Board of Directors of the company on Monday approved the standalone and consolidated unaudited financial results for the quarter as well as half-year ending September 30. It also approved a proposal to raise funds up to Rs. 3,000 crore by issuing non-convertible debentures.

For the half year ending September 30, MRPL declared net loss of Rs. 1,075 crore and gross refining margin of 0.23 $/bbl. The company attributed shutting down of the refinery complex during the summer following unprecedented water shortage as the reason for the loss and low gross refining margin. This was followed by another shutdown of phase III during the monsoon.