BG 1Q Profit Doubles on LNG, Higher Prices

Thursday, May 04, 2006
BG Group Plc. said profit more than doubled in the first quarter, exceeding expectations, as prices rose and it increased sales of liquefied natural gas to Europe and Asia. Net income jumped to $1.06b from $477m in the year-earlier period. Profit of $989m was expected, according to the median of 10 analyst estimates collected by Bloomberg. Revenue rose 80 percent to $3.5b. BG Group boosted earnings at its LNG unit five-fold by completing a plant in Egypt ahead of schedule and selling cargoes to Japan and Europe, where colder-than-normal winters stoked price gains. Production grew by 28 percent, while LNG operating profit increased to $254m as the company shipped more cargoes to Asia. Pretax profit leaped to $1.7b from $805m in the year-earlier period. Record gas prices in the U.K., which account for about 40 percent of revenue, also lifted earnings. (Source: Bloomberg)
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Transpacific Box Shippers Plan Freight Rate Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

Container Volumes on the Rise in South Carolina

Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations    The SC Ports Authority announced another

Liebherr Expects Turnover Dip

For the 2014 business year, the Liebherr Group is currently anticipating an overall turnover of 8,866 million euros (2013: 8,964 million euros). In the area of construction machines and mining,

LNG

Becker Marine Delivers Rudder for Largest Containership

Becker Marine Systems delivers rudder for the largest container ship in the world   At 19,000 TEU, the largest container ship in the world is now picking up speed

DSME Returns for More Dual-Fuel Engines

MAN Diesel & Turbo received an order for four MAN B&W 5G70ME-GI engines in connection with Daewoo Shipbuilding & Marine Engineering Co.,Ltd. (DSME) agreeing a deal

USCG Addresses Future of Marine Fuels

The future of marine fuels from the Liquefied Gas Carrier National Center of Expertise   The Pacific Merchant Shipping Association hosted The Future of Marine

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1039 sec (10 req/sec)