Petronet LNG posts 20 percent drop in Q4 profit

Petronet LNG, India’s largest importer of chilled gas, posted a 20.4 percent drop in profit for the fiscal quarter ended March 31, 2016. 

Compared to the corresponding quarter when the company posted a profit of just above 3 billion rupees, the profit for the fourth quarter of fiscal 2015-2016 reached 2.39 billion rupees, Petronet LNG’s report shows.

However, company’s profit for the FY 2015-2016 reached 9.14 billion rupees, 3.4 percent up on 8.82 billion rupees recorded during the previous financial year.

Petronet LNG added that during the financial year ended March 31, 2016, its Dahej terminal processed 566 TBTUs, reaching 111 percent capacity utilisation.

The Kochi LNG terminal, however, handled 14 TBTUs of LNG due to the lack of pipelines, the company said in its statement.

The throughput during the year has increased by about 9 percent over the previous year despite low offtake volumes under long-term agreement on account of higher LNG rates till December 2015. Increased throughput is achieved at Dahej terminal by increasing spot and re-gas LNG cargos, Petronet added.

Additionally, Petronet informed that work on the expansion of the Dahej LNG terminal from 10 mmtpa to 15 mmtpa is expected to be completed before the end of 2016.

1 Indian Rupee = 0.015 USD

LNG World News Staff