Petronet LNG reports 11% drop in profit in Jul-Sep
India’s biggest LNG importer Petronet LNG on November 9 reported an 11% year/year drop in net profit during the July-September quarter on reduced volumes.
Net profit during the quarter came in at 8.23bn rupees ($110mn) rupees compared with 9.27bn rupees in the same period last year. Revenue jumped 70% to 108.9bn rupees.
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The number of LNG cargoes imported was lower during the quarter due to a spike in global LNG prices, Petronet LNG said. The company operates two LNG regasification terminals in India.