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Petronet LNG records highest ever PBT in six-month period ending Sept 2018

Petronet LNG records highest ever PBT in six-month period ending Sept 2018

New Delhi: During the quarter ended 30 September 201 8, Petronet LNG processed 21 7 TBTU of LNG, as against 220 TBTU in Q l, 2018-19 (previous quarter) and 220 TBTU in Q2, 2017-18 (corresponding quarter).

Petronet LNG has reported a Rs 562.95-crore net profit for Q2 FY19, 4.39 per cent lower than the Rs 588.78 net profit seen in Q2 FY18. The company's board has declared a special interim dividend of ₹5.50 per equity share (of face value ₹10).

The record date for determining the entitlement for payment of interim dividend is fixed as November 17, 2018. The lower profit is despite total revenue being 37.91 per cent higher at ₹10,856.82 crore (₹7,872.16 crore).

The YoY lower net profit was because the company had received tax benefits under Section 80 (IA) of the I-T Act in the same quarter of FY18, said Peronet LNG's MD and CEO Prabhat Singh.

"The significant increase in profits is due to higher volumes processed owing to increase in the regasification capacity of the Dahej Terminal and better efficiency in operations," a company statement said.

The bottomline was also hit by pay revision arrears that were settled during the quarter under review, according to a company official.

During the quarter ending September 30, 2018, Petronet LNG processed 217 thousand British thermal units (tBtu) of LNG. During the corresponding quarter of the last financial year, the company processed 220 tBtu of LNG.

MPOST BUREAU

MPOST BUREAU

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