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Petronet Q4 net drops 16% on inventory losses

Net profit in January-March at Rs 440 crore was lower than Rs 523 crore in the same period of the previous fiscal, Petronet Managing Director and CEO Prabhat Singh told reporters here. 5 per million British thermal unit (Btu) at the beginning of the quarter to $4. According to accounting standards, an inventory has to be valued at the prevailing price and so the company had a ‘notional’ Rs 119 crore inventory loss, he said. “During the quarter ended March 31, 2019, Dahej terminal operated at around 104 per cent of its name place capacity and processed 199 TBtu of LNG,” he said, adding Kochi continues to operate below 10 per cent of its 5 million tonnes a year capacity in absence of pipelines to evacuate gas to customers. “During FY 2018-19, the company’s Dahej terminal operated at 107 per cent of its name place capacity and processed highest ever LNG quantities of 820 TBtu as against 816 TBtu of LNG quantities processed in FY 2017-18,” he added.

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