Höegh LNG Turns to Profit in 1Q
Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015.
The company’s EBITDA reached $26.6 million for the first quarter of 2016, up from $24.6 million in the previous quarter according to Höegh LNG’s report issued today reveals.
The dividend of USD 0.10 per share was declared for the second quarter of 2016.
The President and CEO of Höegh LNG Holdings Ltd., Sveinung J. S. Støhle, said in a comment: "Our portfolio of long-term contracts continues to improve the operating results and constitutes the foundation for upholding the cash dividend at USD 0.10 per share for the second quarter of 2016. As a consequence of ample LNG being available at low prices, the average regasification flow rate on Höegh LNG's FSRU fleet has almost tripled compared with the same quarter last year.
"This clearly demonstrates that demand for LNG into new markets continues to increase, and we observe the same effect for our FSRU services, since Höegh LNG is currently pursuing three fast-track FSRU projects that all have a start-up that matches the delivery of FSRU#7 in March 2017".