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Petronet LNG Q2 net profit zooms 82% to Rs 460 cr

Friday, Nov 18, 2016,12:52 IST By metrovaartha A A A

New Delhi | Petronet LNG Ltd, the nation’s largest importer of liquid gas, today reported its highest ever quarterly net profit at Rs 460 crore in September quarter on back of record volumes of gas handled.

Net profit of Rs 460 crore in July-September is 82 per cent higher than Rs 253 crore net profit in the same period a year ago, company CEO and Managing Director Prabhat Singh said here.

“We processed highest ever natural gas of 189 trillion British thermal units in second quarter, up from 157 TBtus last year,” he said.

The company completed expansion of its Dahej LNG import terminal in Gujarat to 15 million tonnes from previous 10 million tonnes. “Dahej handled 184 TBtus of imported gas as compared to 154 TBtus in Q2 of last year,” he said.

Its 5 million tonnes Kochi terminal in Kerala, however, continues to operate at just 7 per cent capacity as key pipeline connecting it to customers is not yet ready. Kochi processed 4 TBtus of imported gas.

“The Dahej expansion was completed ahead of schedule. The regassification facility was commissioned on August 4 and the storages were commissioned on October 17,” he said, adding the commissioning was originally scheduled for November-end.

LNG is natural gas super-cooled to turn it into liquid for ease of transporting in ships. This liquid fuel at the import terminal is first turned back into its gaseous stage, a process called regassification, before it is sent to consumer through pipelines.

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