India’s Petronet LNG boosts quarterly profit

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

Profit after tax or PAT reached 7.01 billion rupees ($88.3 million) in the April-June quarter, up 10.2 percent when compared to 6.36 billion rupees in the same quarter last year, Petronet said in a statement on Friday.

However, PAT dropped when compared to 7.5 billion rupees in the prior quarter.

India’s largest LNG importer said its profit before tax or PBT rose 10.1 percent to 9.37 billion rupees when compared to 8.51 billion rupees last year but it dropped from 9.84 billion rupees in the first quarter.

In addition, Petronet has reported highest ever turnover of 142.6 billion rupees in the current quarter.

During the April-June quarter, Petronet’s 17.5 mtpa Dahej terminal processed 196 TBTU of LNG. This compares to 194 TBTU in the same quarter last year and 178 TBTU in the previous quarter.

Including the 5 mtpa Kochi facility, the overall LNG volumes reached 208 TBTU. This compares to 209 TBTU last year and 190 TBTU in the previous quarter.

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

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