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MRPL Posts Q4 Loss On Higher Costs

An ONGC group company Mangalore Refinery & Petrochemicals Ltd., or MRPL, reported loss for the fourth-quarter on higher expenses and finance costs.

The Mangalore-based company reported fourth-quarter net loss of Rs.61.90 crore, compared with a net profit of Rs.601.97 in the fourth-quarter of fiscal 2012.

Results for the quarter included a one-time gain of Rs.44.45 crore, under exceptional items, towards amount receivable from NMPT.

Finance costs during the quarter surged y 88 percent to Rs.70.56 crore from the Rs.37.47 crore in Q4FY12.

Its quarterly net income grew by 17 percent to Rs.18,579.51 crore from the Rs.15,838.39 crore in the year-ago quarter, while other operating income amounted to Rs.79.24 crore, compared with Rs.230.58 crore in the prior year quarter.

Gross revenue for the quarter was Rs.19,462.07 crore, compared with Rs.16,646.25 crore in the fourth-quarter of 2012 registering a 17 percent growth.

Crude throughput for the quarter was 4.12 million metric tonnes, up from the 3.41 million MT in the previous year quarter and the product sales (including exports) increased to 3.7. million MT from 3.22 million MT in the corresponding quarter last year.

Despite steep variation in prices and exchange rate, gross refining margin for the quarter was $1.98 per barrel, down from $7.07 per barrel in the preceding year quarter, the company said.

For the fiscal year, the company's net loss was Rs.756.91 crore, compared with a net profit of Rs.908.58 crore a year-ago. Net income during the year grew by 22 percent to Rs.65,691.51 crore from Rs.53,763.35 crore last year, while other operating income totaled Rs.25.48 crore, compared with Rs.26.17 crore in the prior year.

Gross revenue for the year amounted to Rs.68,833.56 crore, compared with Rs.57,206.76 crore in 2012, an increase of 20 percent.

During this fiscal, the company's crude throughput was 14.40 million MT, up from 12.82 million MT in the preceding year, while the product sales (including exports) was 13.17 million MT, compared with 11.95 million MT last year.

The company reported a gross refining margin of $2.45 per barrel for the fiscal year, compared to $5.60 per barrel in 2012.

In view of the losses for the fiscal year 2012.13, the board did not declare any dividend (due to restriction as per statute for declaration of dividend out of accumulated reserves), the company said.

MRPL closed Friday's trading at Rs.42.45, up 1.19 percent from the previous close.

by RTTNews Staff Writer

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