MCFL Q1 net loss narrows to Rs 8.36 cr

Fertiliser firm MCFL today reported narrowing of its standalone net loss to Rs 8.36 crore for the first quarter ended June on account of lower expenses.
The company had posted a net loss of Rs 212.23 crore in the year-ago period.
Net sales during April-June declined to Rs 554.65 crore from Rs 758.61 crore in the year-ago period, Mangalore Chemicals and Fertilisers (MCFL) said in a regulatory filing.
The company's expenses declined to Rs 529.06 crore from Rs 748.20 crore in the said period.
MCFL, which was originally promoted by UB Group chairman Vijay Mallya but now controlled by Zuari Group, has proposed Rs 1,547 crore expansion project and is in the process of getting the environment clearance.

The company has proposed to set up an additional Diammonium phosphate (DAP) and NPK fertiliser capacity of one million tonnes per annum (TPA), 1,40,400 TPA of urea, 81,000 TPA of ammonia and 18,000 TPA of Poly carboxyl Ether (PCE).
MCFL has a plant near Mangalore port with an annual capacity to produce about four lakh tonnes of urea and about three lakh tonnes of phosphatic fertilisers.