 "Petronet LNG dips on disappointing Q1 results")
Petronet LNG has dipped 5% to Rs 172 on National Stock Exchange (NSE) after reporting a 30% year-on-year decline in net profit at Rs 157 crore for the first quarter ended June 30, 2014 (Q1), due to higher finance cost.
The country’s biggest importer of liquefied natural gas (LNG) had profit of Rs 225 crore in the same quarter last fiscal.
Total income from operations during the quarter under review grew 20% to Rs 10,161 crore from Rs 8,444 crore in the corresponding quarter of previous year. Finance cost increased an over three-fold to Rs 78 crore from Rs 24 crore.
The company said the decrease in net profit is primarily due to higher depreciation and interest charges pertaining to Kochi LNG terminal capitalised in the books of accounts in September 2013, and also lower margins at Dahej (terminal).
The stock opened at Rs 177 and touched a low of Rs 171 on NSE. A combined 1.1 million shares changed hands on the counter till 0945 hours on NSE and BSE.
The country’s biggest importer of liquefied natural gas (LNG) had profit of Rs 225 crore in the same quarter last fiscal.
Total income from operations during the quarter under review grew 20% to Rs 10,161 crore from Rs 8,444 crore in the corresponding quarter of previous year. Finance cost increased an over three-fold to Rs 78 crore from Rs 24 crore.
The company said the decrease in net profit is primarily due to higher depreciation and interest charges pertaining to Kochi LNG terminal capitalised in the books of accounts in September 2013, and also lower margins at Dahej (terminal).
The stock opened at Rs 177 and touched a low of Rs 171 on NSE. A combined 1.1 million shares changed hands on the counter till 0945 hours on NSE and BSE.