Petronet LNG’s net profit climbs 55 pct

Petronet LNG, India’s largest importer of the chilled fuel, reported a 55 percent rise in its net profit for the quarter ended June 30.

The company posted a net profit of 3.77 billion rupees for the quarter ended June 30, 2016 as compared to 2.44 billion rupees in the corresponding period a year ago.

Total income decreased 36 percent to 53.86 billion rupees for the June quarter, Petronet said in a filing to the stock exchange on Monday.

Petronet LNG recently commissioned the regasification facilities under the Dahej LNG terminal’s expansion project.

The terminal has been expanded from 10 mtpa to 15 mtpa, with the remaining part of the expansion project, the two LNG storage tanks expected to be completed by October 2016.

The company also owns the 5 mtpa Kochi LNG terminal in Kerala.

1 Indian rupee = 0.015049 U.S. dollars