Higher gas revenues, spot cargo margins boost Petronet LNG

Net rises 70% in fourth quarter.

Petronet LNG Ltd (PLL), an importer of LNG, has registered a 70.24 per cent rise in its net profit for the fourth quarter of 2008-09. Increased revenues from gas sales coupled with higher margins from spot cargoes has boosted the profitability of the company.

The company?s net profit in the fourth quarter of 2008-09 stood at Rs 204.35 crore as against Rs 120.03 crore in the same quarter previous year.

Sales rise

PLL?s net sales rose to Rs 2,654.88 crore in the fourth quarter for fiscal ended March 31, 2009 (Rs 1,752.65 crore in the corresponding quarter of the previous year).

?The quarter performance has been boosted by higher sales, increase in number of spot cargoes, and also the re-gassified charges, which gets revisited every January, had been further increased,? Mr A. Sengupta, Director (Finance & Commercial), PLL, told Business Line.

Dahej expansion

During the fourth quarter PLL has achieved mechanical completion of expansion of its Dahej re-gas terminal. ?We have started commissioning the expanded capacity at Dahej in March and will complete it in phases by May-end,? Mr Sengupta said.

The company is in the process of doubling the capacity to 10 million tonnes annually.

Earlier, the company had planned to finish the commissioning by April 2009, but due to technical reasons, it now plans to commission it fully by May.

?The impact of the increased capacity in revenue terms will be gradually felt in the current fiscal,? Mr Sengupta said.

Currently, PLL is operating in one segment that is re-gassified liquefied natural gas (R-LNG). The company is running at a capacity of 6.5 mtpa. In fact, due to delay in full commissioning Petronet has rescheduled five LNG cargoes for May deliveries. Each cargo was about 72,000 tonnes.

For the full year 2008-09, PLL has posted a net profit of Rs 518.44 crore against Rs 474.65 crore in the previous fiscal. The company?s net sales rose to Rs 8,428.70 crore during the fiscal (Rs 6,555.31 crore).

The board of PLL has recommended a dividend of Rs 1.75 a share of Rs 10 each (17.5 per cent)

Source: Business Line, Delhi, April 28, 2009
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