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

Venture Global’s Plaquemines LNG to commission third jetty

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce hazardous fluids to the third jetty at its Plaquemines LNG export plant in Louisiana.

Another FSRU arrives in Egypt

The 160,000-cbm FSRU Energos Eskimo has arrived in Egypt from Jordan, according to shipping data. The unit is one of four FSRUs that will serve a charter deal with Egypt's EGAS as the country seeks to meet its growing demand for natural gas.

MOL’s LNG carrier to feature SOFC tech

Japan's MOL and South Korea's Samsung Heavy Industries have received approval from classification society LR for the design of a 174,000-cbm LNG carrier integrating solid oxide fuel fell (SOFC) technology.

More News Like This

Petronet pushes back launch of additional Dahej LNG capacity

India’s largest LNG importer, Petronet LNG, has again pushed back the launch of an additional five mtpa capacity at its Dahej LNG terminal in western Gujarat state.

Petronet LNG logs higher profit, lower volumes

India’s largest LNG importer Petronet LNG, the operator of the Dahej and Kochi regasification terminals, reported higher quarterly profit and lower volumes.

India’s April LNG imports climb

India's liquefied natural gas (LNG) imports rose by 21.3 percent year-on-year in April, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.

India’s LNG imports slightly down in March

India's liquefied natural gas (LNG) imports decreased by 0.3 percent year-on-year in March, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.