• Petronet fourth quarter net profit drops 16 per cent on inventory losses

    Petronet LNG Ltd, India’s largest importer of natural gas, today reported a 15.70 percent drop in net profit at Rs 440 crore for the quarter ended March 2019 on inventory losses due to falling gas prices.

    The company’s revenue from operations during the quarter also decreased by 3 percent to Rs 8,383 crore. “The increase in profit over the corresponding 2017-2018 is due to higher volumes processed at the Dahej Terminal and better efficiency in operations,” the company said in a statement.

    Managing Director and Chief Executive Officer (CEO) Prabhat Singh said the profit for the March quarter was down primarily due to inventory loss during the quarter, which was around Rs 119 crore.
    The company said during the quarter ended March, Dahej terminal operated at 104 percent of its nameplate capacity and processed 199 TBTU of LNG as against 197 TBTU processed during the previous quarter and 207 TBTU processed during the corresponding quarter.

    “The overall LNG volume processed by the company in the current quarter was 205 TBTU, as against the LNG volume processed in the previous and corresponding quarter, which stood at 202 TBTU and 213 TBTU respectively,” the company said.

    For the full financial year 2018-19, the firm reported a 5.68 percent increase in net profit at Rs 2,230 crore.

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