A reduction in gross refining margin (GRM) and a foreign exchange fluctuation loss have led Mangalore Refinery and Petrochemicals Ltd (MRPL) to record a decline of 80 per cent in the net profit.
MRPL registered a net profit of Rs 235.77 crore in the second quarter of 2013-14 against Rs 1,185.11 crore in the corresponding period of the previous fiscal. It posted a turnover of Rs 19,554 crore (Rs 17,148.33 crore).
A press statement by the company said here on Tuesday that it achieved a GRM of $5.04 a barrel for the second quarter against $9.19 a barrel during the corresponding quarter of 2012-13. (GRM is the difference between the price of crude and the end products such as diesel and petrol. .)
The company, which had registered a net foreign exchange gain of Rs 283.62 crore during the second quarter of 2012-13, recorded a net foreign exchange loss of Rs 249.45 crore during the second quarter of 2013-14.
On Tuesday, the scrip of MRPL closed at Rs 40.95 on the BSE, up 3.54 per cent, against the previous close of Rs 39.55.
vinayak.aj@thehindu.co.in