Petronet LNG first quarter net profit up 58%

Total income of the company during the quarter declined 17.5% annually

Petronet LNG Ltd (PLL), the state-run Liquefied Natural Gas (LNG) importer, today reported a 58% jump in net profit for the quarter ended June 2015 on the back of higher LNG volumes. The company posted a net profit of Rs 247.50 crore during the quarter as compared to Rs 156.60 in the corresponding quarter.

"The reason for the significant increase in the profit is higher volumes processed at the Dahej terminal and better efficiency," the company said in a statement. The Dahej terminal operated at 98% of its name plate capacity during the quarter.

"Despite a reduction in offtake under the long-term quantities by about 30% over the corresponding quarter last year, the total volume regasified at the Dahej terminal during the first quarter of current financial year was 125.41 Trillion British Thermal Units (TBTUs)," the company said.

The Kochi terminal, however, could handle only 6.11 TBTUs. Overall, the two terminals processed 131.52 TBTUs LNG during the quarter, lower than 138.67 TBTUs of LNG processed in the corresponding quarter last fiscal. The company said the work for the expansion of capacity of the Dahej LNG terminal from 10 million tonne per annum (MMTPA) to 15 MMTPA is on track and is expected to be complete by end 2016.

Total income of the company during the quarter declined 17.5% to Rs 8,410 crore as compared to Rs 10,196 crore during the same period last financial year (2014-15).

Petronet LNG also informed the company's board in its meeting today appointed Prabhat Singh as the new Managing Director and Chief Executive (CEO) for a period of five years on the basis of recommendations of a Search Committee. Singh is currently serving gas utility GAIL (India) as Director in the Marketing department.

The company's share price at the Bombay Stock Exchange (BSE) today closed at Rs 194.50, up 2.61% as compared to previous close.