Mangalore Refinery posts loss in third quarter

January 20th, 2009 - 5:49 pm ICT by IANS  

New Delhi, Jan 20 (IANS) State-run oil major Mangalore Refinery and Petrochemicals Ltd (MRPL) Tuesday reported a loss of Rs.2.85 billion for the third quarter ending Dec 31, as against a Rs.3.47 billion profit in the corresponding period a year ago. The company’s total income too decreased 6.5 percent to Rs.75.85 billion in the third quarter from Rs.81.13 billion in the corresponding period a year before, a company statement said.

MRPL said plunging crude prices and lower product prices resulted in an inventory valuation loss of Rs.10.62 billion in the quarter under review.

MRPL’s refinery was working normally during the oil sector strike Jan 7-9, the statement added.

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