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-May 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.

- Advertisements -

Most Popular

Golar buys vessel for third FLNG project

Golar LNG has exercised its option to acquire the 148,000-cbm Moss-type carrier, Fuji LNG, which it aims to convert...

Australia’s Woodside investigating Pluto LNG incident

Australian LNG player Woodside has launched an investigation following an incident that took place on Friday at its Pluto...

Gas leak shuts Equinor’s Hammerfest LNG terminal

Norway's Equinor has closed its 4.3 mtpa Hammerfest LNG export plant due to a gas leak. "I can confirm that...

More News Like This

India’s LNG imports climb in April

India’s liquefied natural gas (LNG) imports rose in April when compared to the same month last year, according to...

India’s LNG imports drop in March

India’s liquefied natural gas (LNG) imports decreased in March, after rising in both January and February, according to the...

India’s LNG imports continue to rise

India’s liquefied natural gas (LNG) imports rose for the second month in a row in February, according to the...

India’s Petronet LNG extends CFO’s term

India's largest importer of liquefied natural gas, Petronet LNG, has extended the contract of its finance chief Vinod Kumar...