MRPL incurs Rs 36 crore loss in Q1

MRPL incurs Rs 36 crore loss in Q1

MRPL incurs Rs 36 crore loss in Q1

Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC), on Monday incurred net loss of Rs 36 crore in the first quarter ending June 30, 2014, as compared to Rs 453 crore in the same period in the last fiscal.

Announcing its unaudited standalone results for the first quarter in the fiscal 2015 at the Bombay Stock Exchange (BSE), the company stated that its total income has increased from Rs 15,268.67 crore in the fiscal  2013 to Rs.15,743.55 crore for the quarter ended June 30, 2014.

The company’s refining throughput was 3.20 million tonnes as against 3.27 million tonnes in the corresponding previous quarter. The Mangalore Refinery and Petrochemicals Ltd attributed the shortfall to a planned shutdown.

The company’s product sales, including exports, were lower at 2.96 million tonnes compared to 3.19 million tonnes in the same period in the first quarter of the last fiscal.

The GRM (gross refining margin) was lower at $ 0.66 per barrel as against $2.94 barrel. This, the company said, was due to increase fuel and loss in a scenario of part commissioning of refinery expansion project.

Expansion plan

In a press release at Mangalore on Monday, the company said the Phase III expansion project is in final stage of completion. 

During the first quarter, Delayed Coker Unit (DCU), Coker Hydro Treater Unit (CHTU) and two out of three trains of Sulphur Recovery Unit (SRU) were commissioned by the company.

The Petrochemical Fluidised Catalytic Cracking Unit (PFCCU) and one train of Sulphur Recovery Unit (SRU) would be commissioned by the company within this month, says the release.

The company’s Polypropylene unit is expected to be mechanically completed by October, the release said.