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Lower expenses have resulted in a steep drop in net losses for the Vijay Mallya-owned Mangalore Chemicals and Fertilisers Ltd (MCF) to ₹9.76 crore for the first quarter of the current fiscal. In a filing with the BSE, MCF said revenues were down 29 per cent to ₹430.98 crore because of shutdown of the ammonia and urea plant for the annual turnaround and to complete modifications to the existing plant to use natural gas as feed stock besides naptha. Expenses were lower by 41 per cent to 428.45 crore while finance costs were up ₹8 crore to ₹28.07 crore. The MCF is currently embroiled in a takeover war between Deepak Fertilisers and Zuari Agro.
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