Mangalore Refinery net plummets 92.4 percent (Lead)October 27th, 2008 - 8:56 pm ICT by IANS
New Delhi, Oct 27 (IANS) Mangalore Refinery and Petrochemicals Ltd (MRPL) saw its net profit diving 92.4 percent in the second quarter due to a steep reduction in international oil prices.A subsidiary of Oil and Natural Gas Corp (ONGC), MRPL has announced a net profit of Rs.250 million in the second quarter ending Sep 30, as against Rs.3,320 million in the corresponding period last year - reflecting an erosion of 92.4 percent.
The loss is mainly on account of an inventory loss of approximately Rs.6,460 million following a sharp reduction in crude and petroleum products prices since August.
The sharp loss follows the first quarter’s sharp rise in profit by 129 percent - largely attributed to the oil price reaching record levels in June-July.
However, its turnover has increased 76 percent to Rs.134.28 billion, from Rs.76.16 billion.
Gross refinery margin had come down to $2.34 per barrel of crude processed, as against $6.11 per barrel in the last corresponding quarter.
According to MRPL’s director (finance), L.K. Gupta, the outlook for the current third quarter was “very depressed”.
Meanwhile, MRPL has shut down a crude distillation unit for 21 days for planned maintenance since Oct 18. The unit has a capacity to process 3.7 million tonnes a year, or about 74,000 barrels a day.
- Mangalore Refinery net down 92.4 percent - Oct 27, 2008
- Indian Oil Corporation's Q3 net profit up 52.2 percent - Feb 13, 2012
- MRPL posts six-fold increase in profit - Jul 26, 2011
- Mangalore Refinery to raise Rs.4,000 crore for expansion (Lead) - Jan 19, 2010
- Mangalore Refinery net at Rs.259 cr in third quarter - Jan 19, 2010
- ONGC reports Q1 net profit of Rs.6,078 crore - Aug 11, 2012
- Essar Oil's Q3 net loss at Rs.3,986 crore - Feb 17, 2012
- Sensex down 1.05 percent at 17,192.02 points (Lead) - Apr 23, 2012
- Reliance Industries net profit rises 28 percent to Rs.5,136 crore - Jan 21, 2011
- Srei Infra's Q3 net slips by 51.8 percent - Feb 03, 2012
- Cairn to begin oil production from Rajasthan this month - Aug 02, 2009
- ONGC Q2 net profit rises 6 percent - Oct 28, 2010
- Indian Oil registers Rs.3,388 crore loss - Jul 24, 2010
- No plans to raise diesel prices, roll back petrol rate: Jaipal - Jan 20, 2011
- IOC reports quarterly net loss of Rs.7,485.55 crore - Nov 09, 2011