Fluxys Belgium swings to profit

Fluxys Belgium swings to profit

Fluxys Belgium, the operator of the Zeebrugge LNG terminal, on Wednesday reported an increase in net profit for the past year on the back of tax reform impact. 

The reform of Belgian corporate income tax has a one-off impact of €16.2 million on deferred taxes booked in the past, resulting in a net income for the year of €70.3 million ($86.5 million), an increase of €21.8 million compared to the same period in 2016 when it booked a net income of €48.5 million.

The Fluxys Belgium group generated a turnover of €510.5 million in 2017, similar to €509.5 million generated over the same period in 2016.

Investment during the year reached €83.4 million, below the €139.2 million in 2016. The major portion of the investment, €64.8 million went to LNG infrastructure projects, mainly the construction of a fifth tank at the Zeebrugge LNG terminal and €16.8 million went to transmission projects.

The company has also reported a decrease in the number of LNG carrier and truck unloadings and loadings at the Zeebrugge terminal. Compared to 30 vessels unloaded at the facility in 2016, only 17 were unloaded in the year under review.

According to Fluxys 20 carriers were loaded at the terminal in 2017, compared to 35 during the year before, while the truck loading operations also dropped slightly from 1480 loadings in 2016 to 1454 trucks loaded in 2017.

The company has also noted that the discontinuation of the UK’s largest storage facility has triggered a major shift in the provision of flexibility on the Northwest
European market. This saw the border-to-border transmission volumes jump 20 percent.

Share this article

Follow LNG World News

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

LNG Pricing, Trading & Hedging Singapore

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

Meet with the Gas, LNG & Power Industry in Brazil & the Americas

read more >

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

GIE Annual Conference 2019

The French gas infrastructure operators ELENGY, GRTgaz and Storengy are looking forward to be your hosts in 2019.

read more >