Business Line cited Mr AK Balyan MD of Petronet LNG Ltd as saying that Petronet LNG Ltd would commission the 5 million tonne a year terminal in Kochi by end of January.

Petronet reported net profit of INR 314.79 crore for theQ2 of the current financial year against INR 260.34 crore in the same period previous year. Total income increased to INR 7,573.39 crore during July to September 2012 against INR 5386.99 crore in the corresponding months last year.

Mr Balyan said that the increase in net profit is due to higher re-gasification charges, high trading margins and operational efficiencies.

He said that Petronet's 10 million tonnes a year terminal at Dahej plant was operating at 106% capacity. Currently, Petronet has debt of INR 3,200 crore. We have reduced our debt to equity ratio of 0.8:1.

He further added that “Petronet is seeing spot cargo prices moving downwards. It has significantly softened as compared to last year. Now, it has come down to USD 10 million per tonne to USD 11 million per tonne from earlier $11-15 million per tonne.”

Source - Business Line

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