India's Petronet 1Q Profit Up 34% on Year
India’s biggest LNG importer Petronet LNG said July 26 its net profit during April-June quarter (1Q 2018-2019) rose 34% on year as company processed higher LNG volumes.
Petronet’s 1Q net profit was rupees 5.87bn ($73mn) compared with rupees 4.38bn in the same quarter last year. Compared with the previous quarter net profit was up 12%.
During 1Q the company's Dahej terminal processed 214tn Btu of LNG, up 16% compared with the corresponding quarter of last year. Quarter on quarter, the processed volumes were up 3%, Petronet said. Total LNG volumes processed by the company were 220tn Btu, up 14% year on year. In addition to Dahej, Petronet operates Kochi terminal in south India which remains underused due to lack of sufficient pipeline connectivity.
India's LNG imports in 1Q have seen sharp year on year increase. During the first three months of the present financial year starting April 1, cumulative imports were 7.05bn m3, up 19% year on year, according to government data.