Petronet profit drops 30.9% on low capacity use at Kochi plant

May 01 2014, 22:21 IST
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SummaryPetronet LNG on Wednesday reported 30.9% drop in its January-March quarter of FY14.

Petronet LNG on Wednesday reported 30.9% drop in its January-March quarter of FY14. The importer of LNG reported profit after tax of R169.3 crore in Q4FY14 down from R245.14 crore in the same months previous year.

Total income has increased to R10,458.55 crore for the quarter ended March 2014 against R8,487.86 crore for the quarter ended March 2013.

Petronet chief executive AK Balyan said that the firm accounted for interest and depreciation of its Kochi terminal that was commissioned in September 2013, which pulled down the net profit.

The firm’s 10 mtpa at Dahej in Gujarat operated at 96% of capacity, but the 5 mtpa Kochi terminal operated at 1% because of absence of pipelines.

Since the terminal was commissioned in September 2013, the interest payout has been R109 crore and R121 crore is on account of depreciation.

Balyan said offtake in April is better than the previous month. There is requirement from fertiliser companies, he said. “This is a temporary phase. We hope in coming months consumption would increase,” he added.

In order to improve the utilisation at Kochi terminal, Petronet is trying to lease out the facility. “We have received good response for hiring the storage space. There are several internationally known companies like Gazprom of Russia which have envisaged interest,” Balyan said.

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