Petronet LNG’s profit surges 82 pct

Petronet LNG, India’s largest importer of the chilled fuel, on Thursday reported an 82 percent rise in its quarterly net profit, boosted by higher regasification volumes at its Dahej terminal.

The company posted a net profit of 4.60 billion rupees ($67 million) for the September quarter as compared to 2.53 billion rupees in the corresponding quarter a year ago.

This is the “highest profit after tax in any of the previous quarters,” Petronet LNG said in its statement.

Petronet LNG’s sales in the June-September quarter were at 63.39 billion rupees, down from 72.5 billion rupees in the same quarter in 2015.

During the quarter, the company’s Dahej terminal has operated at more than its nameplate capacity.

The terminal regasified 185 trillion British thermal units (TBTUs), a 12% increase as compared to previous quarter and 21% increase as compared to the corresponding quarter.

“Kochi terminal, however handled only 4 TBTUs of LNG along with the reload services and primarily served two consumers in the vicinity of the terminal i.e., Kochi refinery and FACT,” Petronet said.

Petronet LNG shares rose nearly 8 percent on Friday after the company posted a rise in its quarterly profit.

1 Indian rupee = 0.014698 U.S. dollars

LNG World News Staff