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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

BIMCO: Positive Economic Developments Benefits Shipping

The recovery of the Eurozone continues as job creation returns across the region. The hiring of more staff indicates that manufacturing and service industries believes

Korean Prosecutors Raid Home of Ferry's Owner

Prosecutors investigating the fatal sinking of a South Korean ferry have raided the home of Yoo Byung-un, the head of a family that owns the Chonghaejin Marine Co.

UK Subsidises 8 Renewable Energy Contracts

The British government on Wednesday awarded investment contracts under a new subsidy regime to eight renewable energy projects, including five offshore wind farms and three biomass plants.

LNG

ISS to Support Petrobras Expansion

Inchcape Shipping Services (ISS)  has had its port agency and tanker husbandry services contract significantly enlarged by Petrobras.   The Brazilian government-owned energy giant,

Keystone Backers Keep Their Faith In Embattled Pipeline Plan

Six years after applying to build the Keystone XL pipeline, Canada's frustrated oil industry appears steadfast in its support of the plan even though Washington

U.S. Could Hit Russian Officials With Sanctions

The United States could impose sanctions on a range of Russian officials over the crisis in Ukraine, U.S. State Department spokeswoman Jen Psaki said on Monday.

 
 
Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0835 sec (12 req/sec)