Mangalore Chemicals and Fertilisers Ltd (MCFL) on Thursday reported widening of net loss to Rs 211.56 crore for the quarter ended June 30, due to higher expenses. The company had incurred a net loss of Rs 9.76 crore in the year ago period. Income from operations rose to Rs 774.66 crore in April- June period of the fiscal up from Rs 430.98 crore in the same period in 2014-15 fiscal, as per company's BSE filing.
Total expenses of the firm increased to Rs 760.53 crore from Rs 428.46 crore in the reported quarter. However, auditors have said that they have reviewed the financial results of MCFL, except for the disclosures regarding shareholding pattern. "We have reviewed the accompanying statement of unaudited financial results of MCFL for the first quarter ended June 30, 2015, except for disclosures regarding 'Public shareholding' and 'Promoter and Promoter Group Shareholding' which have been traced from disclosures made by the Management and have not been audited by us," company's auditors K P Ra & Co said in the limited review report attached with the filing.
During the quarter, Zuari Group had acquired an additional 36.56 per cent stake in MCFL and has become a majority shareholder in the Vijay Mallya-led UB Group firm. Zuari was competing with Deepak Fertilisers for taking control of MCFL since July 2013, but the latter withdrew from the race and has been selling shares of MCFL via the open market since December 2014. MCFL has a urea plant near Mangalore port with an annual capacity to produce about 4 lakh tonnes of urea and about 3 lakh tonnes of phosphatic fertilisers.
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