New Delhi: Mangalore Refinery and Petrochemicals (MRPL), a subsidiary of Oil and Natural Gas Corporation, today said its net profit declined 92.49% to Rs24.92 crore for the second quarter ended 30 September.
The state-run firm had a net profit of Rs331.74 crore in the second quarter last fiscal, MRPL said in a statement.
Net profit was lowered mainly due to inventory loss of about Rs646 crore on account of sharp reduction in crude oil and petroleum prices from August 2008 onwards, a company official said.
However, the total income rose 75.89% to Rs13,464.88 crore for the quarter under review, from Rs7,655.29 crore in the year-ago period.
During the quarter, MRPL earned a $2.34 for processing every barrel of crude, against $6.11 per barrel in the same period last fiscal.
Exports during the quarter was Rs4,039 crore, compared with Rs2,715 crore in the same period last fiscal.
For the six-month ended 30 September, MRPL reported a net profit of Rs870.33, a 24% growth over the year-ago period. The firm had a net profit of Rs700.29 crore in the first half of last fiscal.
The income from operations during the first half of the current fiscal stood at Rs24,174.59 crore.
Shares of MRPL were trading at Rs30.90, down 14.05% in the afternoon trade on the BSE.