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With Mangalore Refinery and Petrochemicals Ltd (MRPL) suffering losses in three out of four quarters, the company has decided not to declare dividend for 2012-13.
MRPL recorded a loss of Rs 61.90 crore (a profit of Rs 601.97 crore) in the fourth quarter, and a loss of Rs 756.91 crore (a profit of Rs 908.58 crore) during the fiscal 2012-13.
A company statement said here that in view of the losses for 2012-13 the board of directors did not consider to declare any dividend.
Speaking to Business Line over phone, P.P. Upadhya, Managing Director, said the company had a significant loss in the first quarter. However, it made a profit in the second quarter.
“We could not wipe out the losses of first quarter. We could have made some profit in the fourth quarter, but the last month was bad,” he said.
The gross refining margin (GRM) also came down. During the fourth quarter, the company posted a GRM of $1.98 a barrel ($7.07 a barrel). It was $2.45 a barrel ($5.60 a barrel) during 2012-13. (GRM can be defined as the difference between crude oil price and total value of petroleum products produced by the refinery.)
On Friday, the scrip of MRPL closed at Rs 42.45 on the BSE, up 1.19 per cent, against the previous close of Rs 41.95.
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