 "MCFL’s facility")
Mangalore Chemicals and Fertilisers (MCF) Ltd, majority owned by Zuari Group reported 89 per cent dip in third quarter losses to Rs 3.31 crore while revenue grew 99 per cent to Rs 566.54 crore.
However, third quarter sales dropped nearly 38 per cent over the preceding quarter revenue of Rs 908.54 crore due to drought conditions in states it operates and plant shutdown for a month for replacement of machinery. It also blamed the centre's urea policy.
MCF had reported losses of Rs 29.32 crore on revenue of Rs 284.46 crore in the October to December quarter last year. In second quarter of this fiscal, MCF had reported 19.45 crore losses.
"The results for this quarter were primarily affected primarily by the drought condition in the company's major operating territory, aforesaid urea policy and planned shut down of urea plant for about a month for replacement of certain equipment," said N Suresh Krishnan, managing director of MCF in a notification to the Bombay Stock Exchange (BSE) on Saturday.
MCF said it is contesting in the Delhi High Court, the Centre's urea concession notifications issued in January and June last year
MCF was controlled by liquor baron Vijay Mallya, through United Breweries before acquisition by Zuari last may. MCF on Saturday said that it is making provisions for potential diminution in value in Bangalore Breweries, as part of financial prudence.
On Friday, the MCF stock had closed 0.25 paise or 0.61 per cent up at Rs 41.25 on the BSE.
