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Sharp cut in net losses pulls MRPL up
New Delhi, Aug 03: Mangalore Refineries and Petrochemicals Ltd. (MRPL) today reported a sharp cut in its net losses to Rs 86 crore in the quarter which ended on June 30 vis-a-vis a net loss of Rs 117 crore in the same period last year.
New Delhi, Aug 03: Mangalore Refineries and Petrochemicals Ltd. (MRPL) today reported a sharp cut in its net losses to Rs 86 crore in the quarter which ended on June 30 vis-a-vis a net loss of Rs 117 crore in the same period last year.
Company turnover increased by 11.45 per cent to Rs 2,128 crore in April-June as compared to Rs 1,902 crore in the first quarter of 2002-03, its chairman Subir Raha told a news conference here.
MRPL, a subsidiary of Oil and Natural Gas Corp (ONGC), recorded an operating profit of Rs 73 crore in the quarter.
During the quarter, MRPL processed 2.068 million tonnes of crude oil as against 1.839 million tonnes refinery throughout in the same period last year, he said.
Before being taken over by ONGC in March this year, MRPL was saddled with an average interest of 13.61 per cent on rupee-borrowed funds. After debt restructuring, this has fallen to 9.15 per cent. State Bank of India and Bank of Baroda have sanctioned working capital loans of Rs 240 crore and Rs 45 crore respectively at an interest rate of 5.5 per cent.
"These remarkable upsides in the creditworthiness of the company are some of the measures to substantially reduce the interest burden on working capital borrowings of the company," Raha added.
MRPL is processing Mumbai high crude and Nile blend crude from Sudan.
The company has approved several investments to improve operations and maintenance of the refinery, upgradation of transportation fuel quality and value additions to the product streams, he said.
Bureau Report
MRPL, a subsidiary of Oil and Natural Gas Corp (ONGC), recorded an operating profit of Rs 73 crore in the quarter.
During the quarter, MRPL processed 2.068 million tonnes of crude oil as against 1.839 million tonnes refinery throughout in the same period last year, he said.
Before being taken over by ONGC in March this year, MRPL was saddled with an average interest of 13.61 per cent on rupee-borrowed funds. After debt restructuring, this has fallen to 9.15 per cent. State Bank of India and Bank of Baroda have sanctioned working capital loans of Rs 240 crore and Rs 45 crore respectively at an interest rate of 5.5 per cent.
"These remarkable upsides in the creditworthiness of the company are some of the measures to substantially reduce the interest burden on working capital borrowings of the company," Raha added.
MRPL is processing Mumbai high crude and Nile blend crude from Sudan.
The company has approved several investments to improve operations and maintenance of the refinery, upgradation of transportation fuel quality and value additions to the product streams, he said.
Bureau Report