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Mangalore Refinery net down 92.4 percent
Tuesday, 28 October 2008, 00:52 IST
New Delhi: Mangalore Refinery and Petrochemicals (MRPL) posted a net profit of 
250 million in the second quarter this year, as against 3,320 million in the corresponding period last year - reflecting an erosion of 92.4 percent, the company said Monday.
MRPL, a wholly-owned subsidiary of Oil and Natural Gas Corp (ONGC), said the loss is mainly on account of an inventory loss of approximately 6,460 million following a sharp reduction in crude and petroleum prices from August onwards.
However, its turnover has increased 76 percent to 134.28 billion, from 76.16 billion.
Gross refinery margin had come down to $2.34 per barrel of crude processed against $6.11 per barrel in the last corresponding quarter.
Source: IANS
250 million in the second quarter this year, as against 3,320 million in the corresponding period last year - reflecting an erosion of 92.4 percent, the company said Monday.
MRPL, a wholly-owned subsidiary of Oil and Natural Gas Corp (ONGC), said the loss is mainly on account of an inventory loss of approximately 6,460 million following a sharp reduction in crude and petroleum prices from August onwards.
However, its turnover has increased 76 percent to 134.28 billion, from 76.16 billion.
Gross refinery margin had come down to $2.34 per barrel of crude processed against $6.11 per barrel in the last corresponding quarter.
Source: IANS