MRPL reports Rs 454 cr net loss in Q1

Company posted net loss of Rs 1,521 crore in the same period a year ago

Mangalore Refinery and Petrochemicals Ltd (MRPL) today 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 Rs 1,521 crore in the same period a year ago, the company said in a statement.

MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), said it lost Rs 517 crore "as rupee value against US dollar depreciated from Rs 54.31 to a US dollar to Rs 59.40".

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 Rs 16,134 crore while export rose 16.6% to Rs 6,928 crore.

MRPL procesed 3.27 million tons of crude oil at its Mangalore refinery, up from 2.89 million tons in Q1 last year. Exported rose to 1.55 million tons from 1.34 million tons.

The 15 million tons a year refinery is being expanded to 18 millions, which is 99.02% complete, the statement said. The project will cost Rs 12,160 crore.

Earlier this week, MRPL signed agreement to buy crude oil from its parent ONGC for five years.

The crude oil sale agreement or COSA covers supply of Mumbai High crude for Rs 38,500 crore over the five year period.

"ONGC supplies about 11-12% of MRPL's crude requirement," the company statement said.

This is the first time that COSA has been concluded between ONGC and MRPL. Until now, sales were through an MOU signed in March, 2003.