New Delhi, May 15 (PTI) Mangalore Refinery and Petrochemicals Ltd today reported a ?71 per cent drop in its fourth quarter net profit on lower refinery margins and forex losses.

Net profit in January-March at Rs 549 crore was lower than Rs 1,937 crore in the same period a year ago, the company said in a statement.

MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), earned USD 7.87 on turning of every barrel of crude oil into fuel in Q4 as compared to USD 8.25 per barrel gross refining margin in the same period a year ago.

It had a foreign exchange loss of Rs 147 crore in the quarter ended March 31, it said.

The company processed 4.31 million tonnes of crude oil as compared to 4.23 million tonnes a year back.

Turnover was marginally higher at Rs 18,746 crore.

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