Petronet LNG’s profit more than doubles

Petronet LNG, India’s largest importer of the chilled fuel, on Monday reported a 132.5 percent increase in its quarterly net profit, boosted by higher regasification volumes at its Dahej terminal.

The LNG importer said its net profit rose more than two times to 3.97 billion rupees ($59.3m) in the December quarter, as compared to 1.71 billion rupees in the same quarter a year before.

Petronet LNG’s sales in the December quarter were at 59.77 billion rupees, up 24 percent from 48.21 billion rupees in 2015.

Petronet said its two terminals regasified 191 trillion british thermal units in the quarter under review as compared to 140 TBtus in the corresponding period of last year.

Capacity utilisation at Petronet’s 15 mtpa Dahej terminal in Gujarat was at 98 percent. The 5 mtpa Kochi terminal in Kerala was operating at just 6 percent capacity during the December quarter, according to Petronet.

LNG World News Staff