Financial Daily from THE HINDU group of publications
Sunday, Aug 01, 2004
Financial Daily from THE HINDU group of publications Sunday, Aug 01, 2004 |
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Corporate Results
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Petroleum Petronet incurs net loss of Rs 19.5 cr Our Bureau
New Delhi , July 31 PETRONET LNG Ltd has recorded a net loss of Rs 19.56 crore for the first quarter of the current fiscal ended June 30, 2004. Petronet, which began commercial operations on April 9, recorded a net loss in the first quarter, but made a cash profit (income before depreciation and tax) of Rs 2.57 crore, according to a senior company official. For the entire fiscal 2004-05, the company had projected a net loss of Rs 171 crore as its operations were limited to half of the 5 million tonnes per annum capacity. Income from operations stood at Rs 388.36 crore in the first three months of fiscal 2004-05. "The financial projection for 2004-05 at 2.5 million tonnes capacity is expected to remain cash neutral," the official said. While Petronet made losses, its promoters - gas utility GAIL (India) and refiners Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd - made a profit of Rs 15 crore from sale of LNG. The three firms are charging a margin of $ 0.12 per million British thermal units (mmbtu) on sale of LNG imported by Petronet. GAIL (India), IOC and BPCL along with ONGC hold 12.5 per cent stake each in Petronet LNG Ltd.
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