Business Daily from THE HINDU group of publications
Friday, Oct 19, 2007
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Business Daily from THE HINDU group of publications Friday, Oct 19, 2007 ePaper | Mobile/PDA Version |
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Financial Performance Corporate Results - Petroleum Higher sales drive Petronet Q2 profit after tax up 75%
Our Bureau New Delhi, Oct. 18 Petronet LNG Ltd has recorded profit after tax (PAT) of Rs 115.51 crore and turnover of Rs 1,670.50 crore during the second quarter of the current fiscal, posting a 75 per cent and 21 per cent growth, respectively, over the corresponding quarter last year. The main growth drivers for the company during the quarter were higher sales volumes, minor increase in other income, and increase in margins on each million British thermal unit (mBtu) of gas sold, a senior company official said. During the quarter, the company processed and sold 83.21 trillion British thermal unit (tBtu) of gas achieving 135 per cent of capacity utilisation. Mr P. Dasgupta, Managing Director and CEO, Petronet LNG, said the company has started supplying regassified-liquefied natural gas (R-LNG) from its Dahej terminal for Ratnagiri Gas & Power Pvt Ltd equivalent to 1.5 MMTPA. The company’s revenues for the first half of the current financial year were 35 per cent up year-on-year at Rs 3,245.25 crore and the net profit was up 83 per cent at Rs 223.53 crore. Truck-loading facilityMr Dasgupta also stated that the company has commissioned the first truck loading facility in India, which would facilitate distributed power generation and city gas. Work on the expansion of the existing Dahej terminal from 5 to 10 MMTPA is on schedule and will be commissioned sometime between July and December 2008. The company is in the final stages of selection of EPC contractor for setting up 2.5 MMTPA (expandable to 5 MMTPA) greenfield LNG terminal at Kochi. The board has also accorded its in principle approval of the company’s forward integration into power projects and approved undertaking of detailed feasibility for construction of 1200 MW power plant at Dahej at an estimated cost of Rs 3,000 crore. Petronet shares closed at Rs 73.65 on the BSE on Thursday. Petronet LNG net at Rs 66 cr in Q2 More Stories on : Financial Performance | Petroleum
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