Petronet LNG Ltd has reported a 130% increase in its net profit for the quarter ended June 30th 2011 at INR 256.71 crore from the corresponding quarter last fiscal.

Mr AK Balyan MD and CEO of PLL said that the increase in net profit is on account of additional volumes, better margins on short-term contracts and spot cargoes sourced by the company.

He added that the increase in volumes has resulted in the company reporting 83% increase in turnover to INR 4,623 crore during the quarter.

Mr Balyan said that “Looking at the huge demand of natural gas including LNG, the board has decided to increase the capacity of the Dahej terminal by an additional five million tonnes per annum beyond its present nameplate capacity of 10 million tonnes per annum.”

The board has also given its go-ahead for carrying out a detailed feasibility study for a greenfield terminal at the East Coast. The construction work at the Kochi terminal is on schedule and is expected to be commissioned by the fourth quarter of 2012.

(Sourced from Business Line)