Companies

Petronet Q3 net doubles

Our Bureau New Delhi | Updated on January 24, 2011 Published on January 24, 2011

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Higher imported gas sales have driven Petronet LNG Ltd's profit for the third quarter of the current fiscal. The company has registered a 105 per cent increase in net profit at Rs 171 crore, as against Rs 83.2 crore in the same quarter last year.

The higher volumes have resulted in a turnover of Rs 3,627 crore, an increase of over 60 per cent year-on-year.

“The company has sold close to 40 mscmd of gas during the quarter,” Mr A. Sengupta, Director (Finance & Commercial), Petronet said.

The company has also tied up 1.1 mtpa LNG sourcing for fiscal 2011-12 and 2012-13 from various sources and sold the entire volume to end consumers.

“We have built a portfolio wherein we get LNG from different sources,” Mr Sengupta said. “LNG being sourced during 2011-12 will be received at the Dahej the LNG terminal, while for 2012-13 we have the option of diverting it to our upcoming terminal at Kochi,” he added.

Petronet has awarded contracts for construction of an additional jetty and associated unloading facilities at Dahej.

The additional jetty is expected to be commissioned by the second quarter of fiscal 2013-14 and will enable the company to further enhance its capacity at Dahej.

Petronet's Board has also approved expansion of the Kochi Terminal from 2.5 mtpa to 5 mtpa. The work order for the same is expected to be awarded shortly and the Terminal is expected to be commissioned by the third quarter of the fiscal 2012-13.

Published on January 24, 2011
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