July 27, 2012:

India's Mangalore Refinery & Petrochemicals Ltd. (500109.BY) Friday plunged to a quarterly net loss due to a fall in product prices and lower production as it had to temporarily shut its refinery. The state-run company posted a net loss of 15.21 billion rupees during the April-June quarter, compared with a net profit of 1.73 billion rupees a year earlier. Gross revenue fell 7.3% to 134.65 billion rupees. "This loss was mainly triggered with a sharp reduction in crude and product prices in April and May, steep devaluation of the rupee against the dollar and lower throughout due to force majeure arising out of stoppage of water supply for about ten days (at its plant)," the company said. The company, a unit of Oil & Natural Gas Corp. (500312.BY), said it posted a negative $4.15 per barrel gross refining margin in the past quarter, compared with a positive margin of $3.72 a year earlier.

By Dow Jones Newswires