State-owned gas company independent profit fell to 2.46 billion rupees ($30.14 million) in the quarter ended December 31, from 32.88 billion rupees a year earlier.
GAIL’s operating income soared more than 37% to Rs 353.80 billion thanks to higher prices for customers.
The company recorded a natural gas marketing loss of 860.2 million rupees against a profit of 17.50 billion rupees in the previous year.
Profit before tax of the natural gas transmission segment fell by more than half to Rp 4.26 billion.
The state-owned company is feeling the impact of Russia’s Gazprom Marketing and Trading failure to deliver some shipments of liquefied natural gas (LNG) following Western sanctions imposed on Moscow for its invasion of Ukraine last year.
GAIL entered into a 20 year agreement with Gazprom Marketing and Trading Singapore (GMTS) in 2012 for an average annual purchase of 2.5 million tonnes of liquefied natural gas (LNG).
GMTS is a unit of Gazprom Germania, now called Sefe, but its parent company went out of business last April after Western sanctions.
($1 = 81.6100 Indian rupees)
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