Petronet LNG Q3 net profit at Rs 171 cr

Petronet LNG, the nation's largest importer of liquefied natural gas, today reported more than doubling of its net profit to about Rs 171 crore in the quarter December 31, 2010 on back of higher gas imports.

Net profit in October-December quarter stood at Rs 170.84 crore as compared to Rs 83.21 crore million for the quarter ended December 31, 2009, the company said in a statement here.

Total income has increased from Rs 2,261.31 crore in Q3 2009 to Rs 3,633.05 crore this fiscal.

"During the quarter ended December 31, 2010, the company has achieved highest ever (gas) send out of 120 trillion British thermal units," the statement said.

Petronet sourced 1.1 million tonnes of LNG, it said.

The Board of Directors of the company also approved doubling of capacity of the under construction Kochi import terminal to five million tonnes per annum.

The 2.5 million tonnes terminal is likely to be commissioned by this year. "The work order for the (expansion) is expected to be awarded shortly and the terminal is expected to be commissioned by 3rd quarter of financial year 2012-13," the statement said.

Petronet said it has awarded contracts for construction of additional jetty and associated unloading facilities at Dahej, where it operates a 10 million tonnes import terminal.

"The additional jetty is expected to be commissioned by 2nd quarter of financial year 2013-14 and will enable the company to further enhance the capacity at Dahej," the statement added.