Petronet LNG Q4 net dips 20 percent on adjusting tax

State-run natural gas importer Petronet LNG on Tuesday reported a 20 percent decline in net profits for the fourth quarter ended March 2016 caused by reversal of tax expenses.

The company posted a net profit of Rs.239 crore for the previous quarter, compared to the profit of Rs.300 crore in the corresponding quarter of 2014-15.

"The net profit figure of the quarter is not comparable with the net profit of the corresponding quarter. However, the profit before tax figures are comparable," Petronet director (Finance) R.K.Garg told reporters via conference call.

Total income of the company during the quarter in question also fell 15 percent to Rs.6,065 crore, as compared to Rs.7,161 crore in the corresponding quarter of 2014-15.

For the full fiscal 2015-16, Petronet's net profit rose by 3.6 percent to Rs.914 crore, as compared to Rs.882 crore in the previous fiscal.

Total income for the fiscal dropped 31 percent to Rs.27,303 crore, from Rs.39,655 crore in the previous financial year.

Petronet - a joint venture promoted by GAIL, Oil and Natural Gas Corp, Indian Oil and Bharat Petroleum - operates a 10 million tonne per annum (mtpa) liquefied natural gas (LNG) terminal at Gujarat's Dahej and a 5 mtpa terminal at Kerala's Kochi.

The company is currently expanding the Dahej terminal capacity by 5 mtpa to 15 mtpa at a cost of Rs.2,400 crore. Petronet said it has already spent over Rs.1,600 crore on the project and plans to spend an additional Rs.600 crore this fiscal to ensure its completion by the end of this year.

Petronet stock closed on Tuesday at Rs.279.60 a share, up 2.95 points, or 1.07 percent, over its previous close on the Bombay Stock Exchange.

--IANS

bc/vd