India’s Petronet LNG logs lower quarterly profit, volumes

India’s Petronet LNG reported a drop in its quarterly profit and lower volumes at the company’s two regasification terminals.

Profit after tax or PAT reached 6.14 billion rupees ($75 million) in the January-March quarter, a drop of 18.1 percent when compared to 7.5 billion rupees in the same quarter last year, Petronet said in a statement on Wednesday.

PAT also dropped when compared to 11.8 billion rupees in the prior quarter.

India’s largest LNG importer said its profit before tax or PBT declined by 16.9 percent to 8.18 billion rupees when compared to 9.84 billion rupees last year and it also dropped from 15.8 billion rupees in the prior quarter.

The company has reported highest ever turnover of 59.89 billion rupees in the current financial year as against 43.16 billion rupees in the previous financial year, registering a growth of 39 percent.

“The company was able to achieve robust financial results despite high LNG prices, owing to optimization in its operation,” Petronet said.

During the January-March quarter, Petronet’s 17.5 mtpa Dahej terminal processed 172 TBtu of LNG. This compares to 178 TBtu in the same quarter last year and 154 TBtu in the previous quarter.

Including the 5 mtpa Kochi facility, the overall LNG volumes reached 185 TBtu. This compares to 190 TBtu in the first quarter last year and 167 TBtu in the previous quarter.

The overall LNG volume processed by the company in the current financial year was 752 TBtu, compared to 847 TBtu in the same period before.

Most Popular

Venture Global kicks off CP2 LNG site work

US LNG exporter Venture Global said it had initiated full mobilization and started site work at the company’s third LNG export facility, CP2 LNG.

Purus orders LNG carrier in South Korea

London-based Purus Marine has ordered one 180,000-cbm liquefied natural gas (LNG) carrier in South Korea.

Excelerate advances Vietnam LNG talks

US FSRU player Excelerate Energy is moving forward with its plans to supply Vietnam with liquefied natural gas (LNG) supplies from the US.

More News Like This

BP seals LNG SPA with India’s Torrent Power

A unit of UK-based energy giant BP has signed a long-term liquefied natural gas (LNG) supply deal with India's Torrent Power.

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.