Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of Oil and Natural Gas Corporation, on Friday reported a net loss of Rs 1,521 crore in the quarter ended June 30 on account of inventory and forex losses. It had a net profit of Rs 173 crore in the corresponding period a year ago. Gross turnover at Rs 13,465 crore in Q1 was lower than Rs 14,522 crore last year.
“This loss was mainly triggered by sharp reduction in crude and product prices in April and May, steep devaluation of rupee against the dollar by almost eight per cent and lower output due to force majeure arising out of stoppage of water supply for about 10 days by the district administration,” Chairman Sudhir Vasudeva told reporters here.
Forex loss for the quarter were Rs 649 crore against Rs 83 crore in the same quarter last year, while inventory loss stood at Rs 733 crore.
