Petronet LNG posts higher profit as demand picks up

India’s Petronet LNG reported a rise in net profit as demand picked up again in the country following Covid lockdown.

Net profit after tax increased 30 percent to 8.8 billion rupees ($120 million) in the third quarter of fiscal 2020-21, compared to 6.7 billion rupees last year.

Revenues dropped to 74.2 billion rupees ($663 million) in the quarter compared to 89.9 billion rupees in the corresponding quarter.

Petronet said its terminals regasified 235 trillion British thermal units in the period, rising compared to 233 TBTU in the same quarter last year but down from 254 TBTU in the previous quarter.

The company’s 17.5 mtpa Dahej terminal regasified 222 TBTUs during the quarter, the same as last year and down compared to 243 TBTU in the previous quarter.

During the April-December period, Dahej terminal processed 645 TBTU of LNG as against 679 TBTU in the year before, Petronet said.

Net profit after tax in the nine-month period declined slightly to 23 billion rupees due to the effects related to the lockdown, the nation’s largest LNG importer said.

India imposed a nationwide lockdown from the last week of March to stop the spread of the coronavirus and started easing the restrictions during May and June.

Demand started gradually to rise after June helping Petronet to recover from the losses during lockdown.

Most Popular

Abaxx sees significant volume growth in its LNG futures

Abaxx Commodity Futures Exchange, a wholly owned subsidiary of Abaxx Technologies (CBOE:ABXX) has seen significant volume growth in its physically deliverable LNG futures during the past summer months, according to Abaxx Exchange Chief Commercial Officer Joe Raia.

Another steam LNG carrier sold for demolition

An NYK-managed steam liquefied natural gas (LNG) carrier has been sold for demolition, according to brokers.

GTT develops new LNG fuel tank

French LNG containment giant GTT has developed a new cubic-shaped LNG fuel tank for commercial vessels, with a particular focus on LNG-fueled container vessels.

More News Like This

India’s Petronet invites bids for Kochi LNG bunkering system

India’s largest LNG importer, Petronet LNG, has launched a tender inviting contractors to submit bids for the engineering, supply, installation, and commissioning of an LNG bunkering system at its Kochi import terminal in southern Kerala state.

India’s LNG imports drop in July

India's liquefied natural gas (LNG) imports dropped by 20.2 percent year-on-year in July, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.

Petronet plans to complete Dahej LNG expansion by end of this year

India’s largest LNG importer, Petronet LNG, expects to complete work on an additional 5 mtpa capacity at its Dahej LNG terminal in western Gujarat state by the end of this year, according to Petronet LNG's management.

Petronet approves onshore Gopalpur LNG terminal

India’s Petronet LNG has approved an investment in a land-based LNG import terminal in Gopalpur, Odisha, instead of an FSRU-based facility.