MRPL records Rs 500 cr loss in first quarter; water scarcity in Mangaluru one of the reasons

coastaldigest.com news network
August 4, 2019

Mangaluru, Aug 4: Mangalore Refinery and Petrochemicals Ltd (MRPL) has recorded loss of Rs 500 crore in the first quarter of 2019-20 as against a net profit of Rs 361.96 crore in the corresponding period of previous fiscal.

Addressing presspersons in Mangaluru on Saturday, Shashi Shanker, Chairman of MRPL, said the water scarcity in Mangaluru during the period led to force major shutdown of some of the refinery units. 

In addition to that there was a planned shutdown of the refinery units. These factors affected the bottom line and top line of the company during the first quarter.

The gross refining margin (GRM) of the company stood at $(-)0.42 a barrel during the first quarter of 2019-20 as against $8.28 a barrel in the corresponding period of 2018-19.

M Venkatesh, Managing Director of MRPL, said the unprecedented water scarcity affected the operation in the refinery complex for more than a month and a half. This is one of the reasons for the negative GRM during the quarter.

Stating that things are going to improve in the remaining three quarters of 2019-20, he said the company is setting up a seawater de-salination plant with an investment of ₹620 crore. The plant is likely to be ready by September 2020.

“We have plans in place for tackling the summer. We are trying to get some temporary desalination facilities to generate as much as possible for the period of four-five months and try and reduce the impact, if any,” he said. The company is also focusing on increasing the use of domestic sewage.

MRPL’s gross revenue from operations stood at ₹11,200 crore during the Q1 of 2019-20 as against ₹16,583 crore in the corresponding period of 2018-19.

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News Network
January 1,2020

Bengaluru, Jan 1: Former Karnataka Chief Minister and Leader of the Opposition Siddaramaiah on Wednesday slammed the Centre on the issue of fare hike announcement by Indian Railways.

"Increase in Train fares is a New Year gift by Narendra Modi government to common people," Siddaramaiah tweeted.

"This will further dent the developmental prospects as Railways form a backbone of Transportation. Instead, the govt should have gifted us the values of our Constitution by upholding it," he added.

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News Network
June 25,2020

Bengaluru, Jun 25: A total of 442 new cases of COVID-19 were reported in Karnataka on Thursday taking the total count of cases in the state to 10,560.

According to the State Health Department, there are 3,716 active cases and 6,670 patients have been discharged after treatment. Six more deaths have been reported in the last 24 hours, taking the death toll to 170.

India's COVID-19 count reached 4,73,105 on Thursday with the highest single-day spike of 16,922 cases in the last 24 hours.

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News Network
March 11,2020

Bengaluru, Mar 11: Heated verbal exchange between Minister K Sudhakar and former Speaker K R Ramesh Kumar in the assembly over disqualification of 17 MLAs last year, continued to disrupt the proceedings on Wednesday, with both opposition and treasury benches pushing for a privilege motion and demanding action.

Chaotic scenes and adjournments marked the House proceedings, with both sides not ready to budge.

As the House met for the day, around 11 am, senior Minister K S Eshwarappa accusing Congress MLA Ramesh Kumar of using "expletive" during a debate last evening, demanded his apology and that he be kept out of the proceedings.

Sudhakar, against whom expletive was allegedly used by Kumar, said, the words used were unpardonable and he should be heard, as he has given notice.

Leader of Opposition Siddaramaiah then demanded that he be allowed to speak first as he had given notice on Tuesday itself.

The Congress leader on his part has accused Sudhakar of breaching Kumar's privilege by allegedly making derogatory remarks against him.

Intervening, Speaker Vishweshwar Hegde Kageri said he has received breach of privilege notice from both sides and would allow it only after the question hour as per rules.

Though Congress expressed its agreement with the Speaker about letting them raise the matter after question hour, BJP legislators including Ministers said, Ramesh Kumar should be suspended.

Pointing out that Kumar was not inside the House, some ruling party MLAs even called him "escapist" and demanded action against him.

Strongly objecting to it, Siddaramaiah questioned the ruling party's intentions in running the house smoothly.

As this was followed by heated arguments between both sides, the Speaker adjourned the House for 15 minutes.

When the house met after much delay at 12:55 pm, the chaos continued.

As the Speaker allowed Minister Jagadish Shettar to speak, who was requesting permission to raise a point, Siddaramaiah objected to it and said he had given notice first.

He said, "this is not correct, it looks like government doesn't want the House to function, they don't want discussion on the budget, they are purposely blocking the proceedings of the House".

However, some BJP MLAs reacted to this by shouting slogans "shame shame Ramesh Kumar".

As his repeated attempts to conduct the proceedings failed, the Speaker adjourned the House for lunch.

Sudhakar, while speaking during a special discussion on the Constitution on Tuesday evening had made critical remarks against the decision of Kumar, as speaker, to disqualify 17 Congress-JD(S) MLAs under the anti-defection law, including him.

Angered by this Kumar, who opposed discussion on the subject, amid heated argument between BJP and Congress members allegedly uttered the expletive, which aggravated the situation and had resulted in pandemonium in the House last evening.

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