Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a loss of Rs 360 crore during the third quarter of 2012-13.
A company release said here on Thursday that the loss was primarily due to exchange and inventory loss compared with corresponding quarter of 2011-12. During the Q3 of 2011-12, the company had registered a net profit of Rs 110 crore.
During Q3 of 2012-13, the company suffered a net foreign exchange loss of Rs 257 crore against a loss of Rs 440 crore in the corresponding period of the previous fiscal.
The inventory loss during the period was $1.38 a barrel of crude against an inventory gain of $6.07 a barrel in Q3 of 2011-12. This worked out to an inventory loss of Rs 213 crore during Q3 of 2012-13 against an inventory gain of Rs 728 crore in Q3 of 2011-12.
The gross refining margin (GRM) of the refinery stood at $1.89 a barrel ($7.24 a barrel) during the period. The release said the GRM has been lower during the quarter mainly on account of inventory loss.
The company also posted a loss of Rs 695 crore for the first nine months of the current fiscal against a profit of Rs 307 crore in the corresponding period of the previous year.
PHASE-III expansion
It said that the progressive commissioning schedule of MRPL phase-III expansion project is progressing well and only few units are remaining to be commissioned. The overall progress was 97.80 per cent as on January 15. It said the progress of captive power plant by BHEL continues to be critical and has delayed the commissioning schedule.
The single-point mooring (SPM) system near New Mangalore Port was taken for trial operation on January 3, and is expected to be fully operational by end February, it said.
On Thursday, the shares of MRPL closed at Rs 64.10 on the BSE, up 2.48 per cent, against the previous closing of Rs 62.55.