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 Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


S&P Raises Steamship Mutual outlook to Positive

Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. In their announcement Standard

Norwegian Escape with Biggest Scrubbers sets Sail

On a sunny October day in the German harbor-town of Hamburg, M/V Norwegian Escape, a brand new cruise ship, sets sail for the first time. On board are five Yara SOx scrubbers – one for each engine.

ZIM Integrated Shipping Remains Profitable

Despite challenging market environment with freight rates reaching historic lows in several key trades,  ZIM Integrated Shipping Services continues to outperform


Deltamarin to Designs First LNG Handysize Bulk Carriers

Deltamarin Ltd proudly announces that it has signed a contract to design the world’s first LNG handysize bulk carriers, which will point the way towards greener shipping of commodities.

Swan Energy to Invest $845 mln for FSRU Terminal

Swan Energy Limited will invest around Rs. 5,600 crore ($845 mln) towards setting up of Jafrabad LNG Port project in Gujarat with one jetty-moored Floating, Storage and Regasification Unit (FSRU).

Alaska Buys TransCanada AK LNG Stake

The State of Alaska has finalized a deal with TransCanada to buy out the pipeline company's share in the proposed Alaska liquefied natural gas export project for nearly $65 million.

Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1042 sec (10 req/sec)