Petronet LNG net profit drops 57.4%

Siddhartha P. Saikia New Delhi | Updated on January 31, 2014

Petronet LNG Ltd on Friday reported a net profit of Rs 135.55 crore in the October-December quarter of this fiscal. This is 57.44 per cent drop against a net profit of Rs 318.50 crore in the same quarter previous year.

Total income during the quarter under review was Rs 9,403.73 crore against Rs 8,437.7 crore in the same quarter last year, the company said in a statement to the BSE.

Petronet stock was trading at Rs 107.10, up 2.29 per cent on the BSE at around 2.38 p.m.

The decrease in net profit was primarily due to higher depreciation and interest charges pertaining to Kochi terminal, the company said in a statement.

Petronet is operating a 5 million tonnes per annum (mtpa) terminal in Kochi at a very low capacity utilisation of just five per cent.The volumes are expected to increase only after the pipeline network is put in place, which is being constructed by GAIL.

Petronet may let out LNG storage facility at Kochi to improve utilisation. CEO Ashok Kumar Balyan said the company may let it out to an international operator for storage and reloading.

"We will now come out with an expression of interest. We can give them capacity of around 2 million tonne initially, let's see if it can be for 2-3 years," he added.

Published on January 31, 2014

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