Golar Reports Three-Month Net of $8.8-M

Tuesday, September 02, 2003
Golar LNG reports net income of $8.8 million for the three months ended June 30, 2003 and operating income of $15.6 million as compared to $6.1 million and $16 million, respectively, for the three months ended June 30, 2002.

Operating income includes a charge for depreciation and amortization of $7 million and $7.7 million, respectively, for the second quarters of 2003 and 2002. The reduction in the current quarter is due to the amortization of the deferred credit resulting from the lease finance transaction announced last quarter. The amount amortized during the three months ended June 30, 2003 was $0.8 million. Earnings per share for the quarter were $0.16 as compared to $0.11 for the same period in 2002.

Operating revenues for the second quarter of 2003 were $30.9 million ($32.1 million for the second quarter of 2002) and average daily time charter equivalents (TCEs) were $59,770. The decline in revenue is mainly as a result of offhire incurred as a result of the scheduled drydocking of one vessel. Two further vessels have drydocked during the third quarter and none are planned for the fourth quarter.

Vessel operating expenses for the second quarter of 2003 were $6.8 million and administration costs were $1.5 million as compared with $7.1 million and $1.5 million, respectively, for the same period in 2002.

Maritime Today


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

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair 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: 0.0741 sec (13 req/sec)