Höegh LNG has reported increased EBITDA and net profit for the first half of the year. The company looks forward to an expanding FSRU market with »promising growth opportunities«
Höegh LNG reported EBITDA of 37.7 mill. $ for the second quarter, compared with 36.7 mill. $ for the [ds_preview]previous quarter. The increase is mainly attributable to reimbursement for accrued costs related to the Pakistan infrastructure project, lower administrative expenses, and time – charter income for »Höegh Giant« since its delivery on 27 April 2017.
Profit before tax was 10. 2 mill. $, down from 13.4 mill. $ in the first quarter. Profit after tax was 8.5 mill. $, down from 11.4 mill. $ in the preceding quarter. Operating cash flows increased by 5.4 mill. $ in the second quarter to 33.2 mill. $. Net cash flows for the quarter were negative at 45.6 mill. $, compared with a negative 45 mill. $ for the first quarter.
For the first half of 2017, Höeg h LNG reported EBITDA of 74.3 mill. $ and net profit of 20.0 mill. $. That compares with 53.6 mill. $ and 9.9 mill. $ respectively for the first half of 2016. The improvement primarily reflects the commencement of operations by »Höegh Grace« in Colombia during December 201, the company stated.
President and CEO of Höegh LNG, Sveinung J.S. Støhle, commented: »So far in the third quarter, we have executed on our financial strategy by securing flexible and attractive financing for FSRU #8, and have further expanded our revenue backlog through Höegh LNG Partners‘ acquisition of an additional 23.5% interest in the Neptune FSRUs. As we look forward to an expanding FSRU market with many promising growth opportunities, we believe that our recently announced strategic alliance with Nakilat not only confirms our leadership position, but also opens a new channel for Höegh LNG to pursue projects jointly with the world‘s largest LNG carrier company.«
