Daijiworld Media Network - Mangaluru (MS)

Mangaluru, Aug 4: Mangalore Refineries and Petrochemicals Ltd (MRPL) has incurred a loss of Rs 500 crore in the first trimester of 2019. President of the organization Shashishankar said that this occurred as various units of the manufacturing company had to be stopped due to scarcity of water during the summer months.

Speaking to the press, after the AGM on Saturday, August 3, Shashishankar said, "MRPL has processed 25.6 lac metric tonne of crude oil in the first trimester of 2019 and has made transaction of Rs 11,200 crore. We are confident to show good output in the remaining three trimesters of the year."

"Salt water desalination plant, to address the water scarcity faced by the company, will start working in September 2020 at Tannirubhavi. There is a plan of increasing the water that is available from MCC from 3.5 MGD to 5 MGD. The company is ready to discuss the necessary plans with the district administration to hold seven meters of water in the Thumbay Dam," said Shashishankar.

The president further said, "The company had made a business of Rs 72,283 crores for the financial year of 2018-19 and reported a profit of Rs. 332 crores. The company has recommended a dividend of 10% due to the background of achieving profits for three consecutive years."

Managing director of the company, M Venkatesh said, "Apart from the wholesale market, the company has the plan of opening 250 retail petrol bunk outlets."

Director of refinery M Vinay kumar and general manager Prashant Baliga were present.