Petronet LNG posts 10 pc rise in Q3 profit

Petronet LNG Ltd, the nation's biggest liquefied natural gas importer, today reported a 10 per cent surge in its December quarter net profit on shipping higher volumes of gas.
Net profit in October-December at Rs 178.39 crore was 9.8 per cent higher than Rs 162.39 crore in the same period a year ago, Petronet Managing Director & CEO Prabhat Singh said.
The profit is higher because of importing higher volumes of LNG and operational efficincies, he said.
Turnover however decreased to Rs 5,204.45 crore in the quarter from Rs 11,225.3 crore in the year-ago period as the company reduced offtake of LNG under long-term contract with Qatar.

Overall there were 40 per cent less volumes that Petronet took from RasGas of Qatar as the long-term price were twice the rate on which LNG was available in the spot or current market.
Effective January 1, the rates have been renegotiated and currently 7.5 million tons of LNG under long term contract costs about USD 6 per million British thermal unit as compared to USD 12-13 per mmBtu previously, Petronet Director (Finance) R K Garg said.
Singh said the company has deferred taking deliveries from Gorgon project in Australia by a year to November 2016.