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Mangalore Refinery and Petrochemicals (MRPL) on Tuesday reported an 80% drop in its September quarter net profit as earnings from processing crude oil declined.
Profit in July-September fell to R236 crore, from R1,185 crore in the same period last year, MRPL said in a press statement.
MRPL, a subsidiary of state-owned Oil and Natural Gas Corp, earned $5.04 on turning every barrel of crude oil into fuel compared with a gross refining margin of $9.19 per barrel in Q2 of 2012-13.
Also, the company lost R249 crore in the three-month period due to foreign exchange rate fluctuations compared with a R284 crore gain a year earlier.
Turnover rose 14% to R19,554 crore on the back of a 38% surge in exports. Overseas sales rose to R10,288 crore from R7,474 crore. In volume terms, the company exported 23% more fuel at 1.91 million tonne in Q2 of the current fiscal. The company processed 3.69 mt of crude oil in the quarter, marginally higher than 3.59 mt a year ago.
In the April-September period, MRPL reported a net loss of R218 crore, compared with R335 crore in the corresponding period a year earlier.
Refining margins for the six-month period were up 27% to $3.98 per barrel. Turnover increased to R35,688 crore from R30,613 crore, primarily due to a 28% jump in exports to R17,216 crore. In volume terms, exports rose 19% to 3.46 mt in the first half of the current fiscal.
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