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.

Most Popular

Venture Global kicks off CP2 LNG site work

US LNG exporter Venture Global said it had initiated full mobilization and started site work at the company’s third LNG export facility, CP2 LNG.

Purus orders LNG carrier in South Korea

London-based Purus Marine has ordered one 180,000-cbm liquefied natural gas (LNG) carrier in South Korea.

Excelerate advances Vietnam LNG talks

US FSRU player Excelerate Energy is moving forward with its plans to supply Vietnam with liquefied natural gas (LNG) supplies from the US.

More News Like This

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.

Petronet pushes back launch of additional Dahej LNG capacity

India’s largest LNG importer, Petronet LNG, has again pushed back the launch of an additional five mtpa capacity at its Dahej LNG terminal in western Gujarat state.

Petronet LNG logs higher profit, lower volumes

India’s largest LNG importer Petronet LNG, the operator of the Dahej and Kochi regasification terminals, reported higher quarterly profit and lower volumes.

India’s April LNG imports climb

India's liquefied natural gas (LNG) imports rose by 21.3 percent year-on-year in April, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.