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

Technip Energies wins contract for Eni’s Coral Norte FLNG

France-based LNG engineering giant Technip Energies has won a contract for preliminary work on Eni's second FLNG project in Mozambique, Coral Norte (Coral North).

Victrol: LNG London hits bunkering milestone

The Shell-chartered inland bunkering vessel LNG London, owned by a joint venture of Belgium's Victrol and France's Sogestran, has reached a new operational milestone.

Atlantic LNG shipping rates dip, European prices up

Atlantic spot LNG shipping rates decreased this week, marking the largest week-on-week decline since January.

More News Like This

India’s Petronet LNG seals regas deal

India's largest LNG importer Petronet LNG has signed a regasification agreement with a unit of compatriot Deepak Fertilisers.

India’s May LNG imports drop

India's liquefied natural gas (LNG) imports dropped by 15.3 percent year-on-year in May, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.

GAIL: Dabhol LNG terminal gets first cargo during monsoon season

India's GAIL has unloaded its first LNG cargo at the Dabhol LNG terminal during the monsoon season following the completion of the breakwater project.

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.