Petronet LNG Q3 net profit more than doubles

Petronet LNG, the country’s biggest liquefied natural gas (LNG) importer, today said its third-quarter net profit more than doubled on highest ever gas sales. Net profit in the three months through December rose more than 105 per cent to Rs170.8 crore, while net sales rose over 61 per cent to Rs3,627.6 crore.

“Good demand, highest ever send out of gas and improved internal efficiencies are the primary factors behind this performance,” said A K Balyan, managing director and chief executive officer.

He said the company had decided to double the capacity of its under-construction Kochi LNG terminal to five million tonnes.

 

“The capacity for Kochi will be doubled at a cost of $70-75 million,” he said. The terminal is expected to be operational during the third quarter of 2012-13.