Petronet LNG's profit up 10% in April-June
India’s biggest LNG importer Petronet LNG on August 5 reported a 10.2% year/year increase in net profit for the three months to June 30 (Q1) thanks to high LNG prices and better operational optimisation.
Petronet’s net profit in Q1 came in at 7.01bn rupees ($88mn) compared with 6.36bn rupees in the same quarter of last year. The net profit dropped 6.5% quarter/quarter, however. Petronet reported its highest ever turnover of 142.6bn rupees in Q1.
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The state-owned company operates two import and regasification terminals: Dahej in west India and Kochi in south India. Last month, the 17.5mn metric tons/year capacity Dahej terminal received its 3000th cargo.
During Q1, the Dahej terminal processed 196 trillion Btu of LNG versus 194 trillion Btu in the corresponding quarter. The overall LNG volume processed by the company in Q1 was 208 trillion Btu compared with 209 trillion Btu a year ago.