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Petronet LNG on Friday reported 42.26 per cent drop in the second quarter net profit.
The importer of natural gas reported net profit for July-September 2013-14 at Rs 181.75 crore against Rs 314.79 crore in the same months in the previous year. This is below analysts’ expectation of Rs 200-250 crore of net profit in the second quarter.
“The decrease in net profit is primarily due to lower capacity utilisation and higher depreciation and interest charges on account of capitalisation of the Kochi terminal,” the company said in a statement.
Petronet has commissioned the five million tonnes a year terminal at Kochi during September 2013. It will be operating the Kochi plant at a low capacity initially, and the volumes will ramp up when pipeline connectivity to Kochi-Koottanad-Bangalore-Mangalore pipeline of GAIL is made.
Petronet has reported 25.76 per cent increase in its total income from operations at Rs 949.34 crore (Rs 754.86 crore) during second quarter of current financial year. Earnings per share stood at Rs 2.42 against Rs 4.20.
The Petronet board on Friday has approved the award of engineering, procurement and construction contract for construction of two storage tanks for Dahej expansion. It is expanding the capacity of Dahej terminal to 15 mt a year.
At the same time, the also approved award of a long-term time charter for the Petronet’s fourth vessel which will carry liquefied natural gas (LNG) from Gorgon (Australia) to Kochi. The delivery of the vessel will synchronise with the start of LNG supply from Gorgon.
Work on Petronet’s third LNG terminal proposed at Gangavaram in Andhra Pradesh is progressing satisfactorily, it said.
siddhartha.s@thehindu.co.in
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