India: Petronet LNG Posts Strong Q3 Results

India’s Petronet LNG today announced its results for the quarter ended December 31, 2011.

During the quarter ended Dec 31st, 2011, the company has operated at 115% of its capacity (nameplate capacity of the Dahej Terminal is 10 MMTPA). Total regasified volume rose to 144.93 TBTUs against 119.70 TBTUs in the corresponding quarter last year. With the increase in volume, turnover of the company has risen sharply to Rs. 6330.26 crores, an increase of over 74.5% over the corresponding quarter last year. Net Profit of the Company has increased to Rs. 295.38 crores, a substantial increase of over 72.9% from the corresponding quarter last year. The higher increase in net profit is on account of additional volumes with better margins alongside higher operational efficiency.

The construction work at Kochi Terminal is on schedule and is expected to be commissioned by 2nd quarter of FY 2012-13.

Looking at the huge demand of Natural Gas including LNG in the country and to take further advantage of economies of scale, the board of the company decided to increase the capacity of its Dahej Terminal by additional 5 MMTPA beyond its present nameplate capacity of 10 MMTPA. This capacity addition will ensure that the additional Jetty, which is under construction and is expected to be commissioned by September 2013 is optimally utilized. Part of this additional capacity will be made available to its offtakers and other large consumers on firm basis.

1 Indian rupee = 0.02019 U.S. dollars

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LNG World News Staff, January 27, 2012