OREANDA-NEWS. The Board of Directors of Mangalore Refinery and Petrochemicals Limited, a subsidiary company of ONGC and Schedule A Mini Ratna company (Upgraded from Schedule B w.e.f 04.07.2013), approved its un-audited (Limited Review) results for the first quarter 2013-14.

The Company recorded positive GRM of USD 2.94/bbl even in the current volatile market situation and continued rupee depreciation. The Company has posted a loss of Rs. 454 crore after adjustment of tax (loss of Rs. 1,521 crore after adjustment of tax during the corresponding previous quarter).

MRPL recorded loss of Rs. 454 Crore after adjustment of tax in the1st Quarter 2013-14 as against loss after adjustment of tax Rs. 1,521 in the corresponding previous quarter.

The above loss is after considering Rs. 169 Crore as depreciation, Rs. 78 Crore as interest Cost and Rs. 27 crore as interest income against Rs. 138 Crore as depreciation, Rs. 110 Crore as interest Cost and Rs. 46 crore as interest income in the corresponding quarter of last year .

The Rupee value against USD depreciated during Q1 from Rs. 54.31 level to Rs. 59.40, resulting in exchange loss of Rs. 517 Crore.