Petronet LNG net down two percent to Rs.1.05 bn

July 21st, 2008 - 3:16 pm ICT by IANS  

New Delhi, July 21 (IANS) Petronet LNG Ltd, the Indian government’s chief importer of liquified natural gas, has posted a drop in profits of 2.2 percent in the first quarter of 2008-2009, compared to the same period last year, the company said Monday. In a regulatory statement, Petronet announced a net profit of Rs.1.05 billion in the quarter ending June 30, compared to Rs.1.09 billion in Q1 of 2007.

The total income in the same quarter has, however, risen 6.3 percent - from Rs.15.62 billion in 2007 first quarter to Rs.16.62 billion.

Petronet LNG is a joint venture company, with the Gas Authority of India Ltd, the Oil and Natural Gas Corp Ltd, the Indian Oil Corp and Bharat Petroleum Corp Ltd each holding a 12.5 percent stake.

Besides, GDF International, a subsidiary of France’s Gaz de France, has 10 percent, and Asian Development Bank holds another 5.2 percent.

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