Mangalore Refinery and Petrochemicals Ltd. (MRPL) was able to reduce its losses marginally in the second quarter to Rs. 909.51 crore from Rs. 951.47 crore registered in the corresponding period of the previous fiscal.
A release from the company here said the operating gross refining margin was impacted by inventory loss due to the steep fall in prices of crude and products resulting in a GRM of $0.34 a barrel during the second quarter of 2015-16 as against the negative GRM of $4.04 a barrel in the corresponding period of previous fiscal.
It said the earnings before interest, taxes, depreciation and amortisation was affected due to the depreciation of rupee against dollar during the quarter by 3.05 per cent. This has resulted in the net loss of Rs. 909.51 crore during the second quarter, it said. The company achieved a throughput of 3.46 million tonnes during the second quarter of 2015-16 against 3.47 million tonnes during the corresponding period of the previous fiscal. There was a planned shutdown of primary and secondary processing units of phase-2 refinery from September 18, it said.
The unaudited results were approved by the board of directors of the company at a meeting in New Delhi on Thursday.
