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 during the July-September period of this year.

Profit after tax or PAT reached 7.44 billion rupees ($91 million) in the quarter, down by some 9.6 percent when compared to 8.23 billion rupees in the same quarter last year.

However, PAT rose when compared to 7.01 billion rupees in the prior quarter.

India’s largest LNG importer reported profit before tax of 9.94 billion rupees, down from 11 billion rupees last year and up compared to 9.37 billion rupees in the prior quarter quarter.

In addition, Petronet reported highest ever turnover of 159.8 billion rupees in the current quarter.

During the July-September quarter, Petronet’s 17.5 mtpa Dahej terminal processed 182 TBTU of LNG. This compares to 225 TBTU in the same quarter last year and 196 TBTU in the previous quarter.

Including the 5 mtpa Kochi facility, the overall LNG volumes reached 192 TBTU. This compares to 240 TBTU last year and 208 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.

India’s monthly LNG imports have been constantly dropping this year due to mostly high spot prices.

During April-September India took 14.70 bcm of LNG, or some 10.8 million tonnes, down by 11.3 percent when compared to the same period last year, PPAC said last month.

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