Petronet LNG profit drops 30 pct

Petronet LNG, India’s biggest liquefied natural gas importer, posted a net profit of Rs. 1566.00 million for the quarter ended June 30, down 30 percent compared to the same period a year ago.

The company’s total income has increased from Rs. 84594.40 million for the quarter ended June 30, 2013 to Rs. 101961.40 million for the quarter ended June 30, 2014.

“The decrease in net profit is primarily due to higher depreciation and interest charges pertaining to Kochi LNG terminal capitalised in the books of accounts in September 2013, and also lower margins at Dahej (terminal),” Petronet LNG’s chief executive Ashok K Balyan said, the Press Trust of India reports.

1 Indian rupee = 0.016391 U.S. dollars

LNG World News Staff, August 4, 2014; Image: Petronet LNG