Mangalore Refinery and Petrochemicals Ltd (MRPL) registered a loss of ₹909.51 crore during the second quarter of 2015-16 against a loss of ₹951.47 crore in the corresponding period of the previous fiscal.
A press release by the company said that the company’s operating GRM (gross refining margin) was impacted by inventory loss due to steep fall in prices of crude and products resulting in GRM of $0.34 a barrel during the second quarter of 2015-16 against the negative GRM of $4.04 a barrel in the corresponding period of previous fiscal. (GRM is the difference between the price of crude and the end products such as diesel, petrol, etc.)
The EBIDTA (earnings before interest, taxes, depreciation and amortization) was dented due to depreciation of rupee against dollar during the quarter by 3.05 per cent. This has resulted in the net loss of ₹₹909.51 crore during the second quarter, it said.