India's Petronet LNG reports record quarterly profit
Petronet LNG, India’s biggest LNG importer, on February 9 reported its highest ever quarterly profit as higher prices boosted margins.
The company’s consolidated net profit during the three months to December 31 (Q3) came in at 11.59bn rupees ($150mn) compared with 8.82bn rupees in the same period of last year. Revenue from operations was up 72% year/year at 125.97bn rupees.
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Petronet LNG booked ‘use or pay charges’ of 3.47bn for the calendar year 2021 as against 5.58bn rupees for 2020 on account of lower capacity utilisation by its customers and recognised the same as income in the profit and loss, it said.
For the first nine months of the current fiscal, the company reported a net profit of 26.47bn rupees, up from 23.01bn rupees in the same period last year.
The company operates two LNG regasification terminals in India.