Petronet LNG Q4 net down 31%

Our Bureau New Delhi | Updated on April 30, 2014 Published on April 30, 2014

Petronet LNG on Wednesday reported that it has posted a 31 per cent fall in net profit to ₹169.3 crore for the fourth quarter of fiscal 2014 against ₹245.14 crore for the corresponding quarter of the previous fiscal.

In a statement to the BSE, it said that total income has increased from ₹8,487.86 crore for the fourth quarter of fiscal 2013 to ₹10,458.55 crore for the corresponding quarter of fiscal 2014.

“The throughput during the year has marginally decreased by about 6 per cent over the previous year on account of sluggishness of natural gas demand in the country,” the company said in a statement.

The turnover, however, registered an increase of 20 per cent over the previous year — primarily due to higher liquefied natural gas prices and depreciation of the rupee against the dollar, it added.

Capitalisation of the terminal at Kochi added significant costs on account of interest and depreciation, the statement said.

For the full year, the company saw a drop in net profit by around 38 per cent to ₹711.92 crore for the year ended March 31, 2014 (₹1,149.28 crore the previous year).

Total income increased from ₹31,556.14 crore for fiscal 2013 to ₹37,831.33 crore for fiscal 2014.

The board has recommended a dividend at 20 per cent on paid-up share capital of the company (that is ₹2 per share) for the year ended March 31, 2014. The company also said it has received the necessary clearance from the Ministry of Environment and Forests for its proposed 5 million tonnes a year greenfield LNG terminal at Gangavaram.

It awaits approval of the State Government to go ahead with the project.

Pre-qualification of EPC contractors is in progress, the statement added.

On Wednesday, the company’s shares ended 0.97 per cent higher at ₹145.05 on the BSE.

Published on April 30, 2014

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!


Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.