India's Petronet 4Q Profit Down

India’s biggest LNG importer Petronet LNG said May 15 its net profit during the three months to March 31 (Q42019) was down 16% year-on-year owing to inventory loss.

Company reported a net profit of Indian rupees 4.4bn ($62mn) compared with rupees 5.65bn in the same quarter last year. For the 12-months to March 31 (financial year 2018-2019), Petronet’s net profit was rupees 21.55bn, up 4% year-on-year, it said.

During 4Q, Petronet processed 205 trillion Btu of LNG, down from 213 trillion Btu in the same quarter of last year. The Dahej terminal, in the western Indian state of Gujarat, operated at around 104% of its nameplate capacity and processed 199 trillion Btu of LNG in 4Q versus 207 trillion Btu a year ago. Its Kochi terminal, in south India, operated below 10% of its capacity, Petronet said.