The country’s largest re-gasification company Petronet LNG reported a jump of 20% in net profit to R314.79 crore for the second quarter of current financial year as against R260.34 crore in the same period previous year.
?The increase in net profit is due to higher re-gasification charges, high trading margins and operational efficiencies,? AK Balyan, MD and CEO of Petronet.
The company’s 10 million tonnes per annum (mtpa) terminal at Dahej was operating at more than full capacity at 106%, Balyan added. The company is also about to commission it’s Kochi terminal by the end of January 2013 with a capacity of 5 million tonnes per annum equivalent to 20 mmscmd of natural gas has signed a long term contract with Gorgon for supplying 1.5 million tonnes of gas.
Total income of the company has increased to R7573.39 crore during July-September 2012 against Rs 5386.99 crore in the corresponding months last year. Currently, Petronet has debt of R3,200 crore. ?We have reduced our debt to equity ratio to 0.8:1,? Balyan said.
Petronet is seeing spot cargo prices moving downwards. ?It has significantly soften as compared to last year. Now, it has come down to $10-11 per mBtu from earlier $11-15 per mBtu,? said Balyan.
