Petronet LNG Ltd ľAchieves yet again the highest profit

Quarterly Net Profit up 130% to Rs. 256.71 crores and Turnover up by 83% to Rs. 4,623 crores.

During the quarter ended June 30th, 2011, the company has operated at 105% of its capacity breaching the psychological barrier of its nameplate capacity of 10 MMTPA. Total regasified volume rose to 133.37 TBTUs against 95.11 TBTUs in the corresponding quarter last year. Due to increase volume, the turnover of the company has risen sharply to Rs. 4623.31 crores, an increase of over 83%. The Net Profit of the Company has increased to Rs. 256.71 crores, a whopping increase of over 130% from the corresponding quarter of last year. This increase in net profit is on account of additional volumes, better margins on short term contracts/sopt cargoes sourced by the company, coupled with increased efficiency in operations.

Looking at the huge demand of Natural Gas including LNG in the country and to take further advantage of economies of scale, the board of the company has decided to increase the capacity of its Dahej Terminal by additional 5 MMTPA beyond its present nameplate capacity of 10 MMTPA. This capacity addition will ensure that the additional Jetty, which is under construction and is expected to be commissioned by September 2013 is optimally utilized. Part of this additional capacity will be made available to its offtakers and other large consumers on firm basis.

After encouraging preliminary studies, the Board of the Company has also given its go ahead for carrying out of a Detailed Feasibility Study for Greenfield Terminal at the East Coast of India.

The construction work at Kochi Terminal is on schedule and is expected to be commissioned by 4th quarter of 2012.

Un-audited Financial Results for the quarter ended 30th June 2011

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