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Petronet LNG Q4 net falls 16% for Q4 2018-2019

Gasoil News - Published on Fri, 17 May 2019

Image Source: The Hindu Business Line
Petronet LNG has reported a INR 440 crore profit for the Q4 of financial year 2018-2019. This is 15.87 per cent lower than the INR 523 crore bottom-line reported by the company in the same quarter of the last financial year. The company’s board of directors has recommended a 45 per cent dividend at INR 4.5 for each equity share of INR 10 each. The profits during the quarter under review have been hit by an inventory loss of INR 119 crore.

Mr Prabhat Singh , Managing Director and Chief Executive Officer, Petronet LNG, said that “The spot price of natural gas has fallen from $8.5 per million British thermal units at the beginning of the quarter to $4.3 per million British thermal. This has brought down the profit by INR 119 crore in the fourth quarter of financial year 2018-2019. Usually, we do not report inventory gain or loss numbers because they are notional. But this time, there were substantial inventory volumes and price fluctuations, leading to the hit. There was no impact of inventory loss or gain in the corresponding quarter of the financial year 2017-2018.”

There were also lower volumes during the quarter under review.

A company statement said that “During the quarter ended March 31, the Dahej terminal operated at around 104 per cent of its name plate capacity and processed 199 trillion British thermal units of gas.”

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Posted By : Rabi Wangkhem on Fri, 17 May 2019
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