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

Deutsche ReGas charters second Mukran FSRU from MOL

Private German LNG terminal operator Deutsche ReGas has signed a deal with Japan's MOL to charter a second floating sturage and regasification unit and restore full capacity at its Mukran LNG import terminal in Germany.

SEFE, Trafigura seal five-year gas supply deal

German gas and LNG importer Securing Energy for Europe (SEFE) has signed a new five-year gas supply contract with commodity trader Trafigura.

ST LNG gets MARAD approval

ST LNG has secured a license from the US Maritime Administration (MARAD) for its proposed floating liquefaction project with a capacity of up to 8.4 mtpa offshore Matagorda, Texas.

More News Like This

Petronet LNG inks binding deal to create CBG JV

India’s largest liquefied natural gas importer, Petronet LNG, has signed a binding agreement to form a 50/50 joint venture with compatriot Gruner Renewable Energy to establish 10 compressed biogas (CBG) plants in India.

India’s LNG imports drop in September

India’s liquefied natural gas (LNG) imports decreased 8.5 percent in September from the same month last year, according to preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell.

Wood Mackenzie: South Asia LNG demand growth derailed due to Middle East conflict

South Asian LNG markets have absorbed one of the most severe supply shocks in the history of the global gas trade, as the war in the Middle East and the closure of the Strait of Hormuz cut off Qatari and UAE LNG flows to a region that had made itself critically dependent on them, according to a new report by UK-based Wood Mackenzie.

Indian Railways launches first LNG-powered train

Indian Railways launches first LNG-powered train