Petronet LNG reports fall in profit

Petronet LNG has reported a fall in total net income from operations in fiscal year 2016 to 2 713 343 lakh rupees compared to 3 950 095 lakh rupees last year.

In the quarter ended 31 March 2016, Petronet LNG’s total income from operations stood at 606 526 lakh rupees compared to 716 169 lakh rupees in the corresponding period of last year. However, this figure was up on the results from the quarter ended 31 December 2015, where Petronet LNG reported total income from operations of 514 603 lakh rupees.

Petronet LNG reported a net profit of 23 927 lakh rupees in the quarter ended 31 March 2016 compared to 30 073 lakh rupees in the corresponding period of last year. In the quarter ended 31 December 2015, the company reported a net profit of 17 839 lakh rupees.

During the fiscal year ended 31 March 2016, Petronet LNG’s Dahej terminal processed 566 trillion Btu, which represents a capacity utilisation of 111%. However, the company’s Kochi terminal handled just 14 trillion Btu of LNG, due to a lack of pipelines.

The throughput during the year has increased by about 9% over the previous year despite low offtake volumes under long-term agreement on account of higher LNG rates until December 2015. The Dahej terminal has increased throughput by increasing spot and regas LNG cargoes.

Petronet LNG also confirmed that work to expand the Dahej LNG terminal from 10 million tpy to 15 million tpy is on schedule and set to be completed before the end of 2016.

Edited from press release by Callum O'Reilly

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