Petronet LNG net up by 65 pc to Rs 66 crores
Turnover increased 46 per cent to Rs 1382.78 crore on import of three spot cargoes during the quarter, a company press release said here.
By PTI |
NEW DELHI: Petronet LNG Ltd, India's largest liquefied natural gas importer, on Tuesday reported a 65 per cent jump in its net profit to Rs 66.03 crore in the second quarter ending September 30.
Turnover increased 46 per cent to Rs 1382.78 crore on import of three spot cargoes during the quarter, a company press release said here.
"The company achieved capacity utilization of 6.5 million tonnes equivalent annualized, by achieving gas evacuation of 24 million standard cubic meters per day. The company processed 71.04 trillion BTUs as against 61.59 trillion BTUs in the corresponding quarter of last year," it said.
During April-September net profit stood at Rs 123.12 crore as against Rs 79.16 crore in the same period the previous fiscal. Turnover increased from Rs 1872.76 crore in the first half of 2005-06 to Rs 2407.14 crore this year.
Petronet Managing Director and CEO P Dasgupta said the import of additional LNG quantities was very important to meet the country's growing gas demand and the company was committed to procure additional spot cargos in the coming months.
He said the expansion of the company's Dahej LNG terminal was progressing on schedule and would be completed by December 2008, at a total cost of Rs 1600 crores, financial closure in respect of which has been achieved at sub-PLR rates.
Petronet is also setting up a green-field LNG receiving and regasification terminal at Kochi of initial capacity of 2.5 million tonnes per annum, scaleable up to 5 MMTPA at a total cost of 2450 crores. The company plans to complete the Kochi terminal by the first quarter of 2010. The company has already completed pre-qualification of EPC contractors and shipping time charter for the Kochi LNG terminal.
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