From correspondents in Delhi, India, 03:02 PM IST

Mangalore Refinery and Petrochemicals Ltd (MRPL) posted a net profit of Rs.250 million in the second quarter this year, as against Rs.3,320 million in the corresponding period last year - reflecting an erosion of 92.4 percent, the company said Monday.

MRPL, a wholly-owned subsidiary of Oil and Natural Gas Corp (ONGC), said the loss is mainly on account of an inventory loss of approximately Rs.6,460 million following a sharp reduction in crude and petroleum prices from August onwards.

However, its turnover has increased 76 percent to Rs.134.28 billion, from Rs.76.16 billion.

Gross refinery margin had come down to $2.34 per barrel of crude processed against $6.11 per barrel in the last corresponding quarter.

(Staff Writer, © IANS)