Hoegh LNG profit down in Q3

Oslo-based Höegh LNG said its third-quarter profit after tax was at US$2.5 million, down from US$6 million in the previous quarter.

In the third quarter, Höegh LNG reported total income of $58.7 million, up from $54.6 million in the second quarter, and an EBITDA of $26.5 million up from $22.6 million.

New York-listed Hoegh LNG Partners, a unit of Höegh LNG , recently said it is planning to restate more than two years of financial reports as they should not be relied upon.

The restatement decision comes following the review of certain Indonesian withholding and value added tax payments for the years of 2013, 2014 and the first half of 2015.

“The net effect of the restatement to the historical figures is a cost of $6.1 million, of which $4.6 million relates to 2014 and USD 1.5 million to 2013,” Höegh LNG said in its results report on Monday.

Höegh LNG added it made an indemnification payment to HMLP of approximately $1.2 million in the fourth quarter 2015 relating to the restatement. This is in addition to indemnification payments made in 2014 for certain revenues not received under the PT Hoegh LNG Lampung time charter for September and October 2014.

The improved EBITDA reflects a full quarter of earnings from the FSRU Höegh Gallant, which started commercial operations in April 2015, and the rest of the fleet operating according to contract. The restatement relates to historical events and is not expected to materially affect the cash flow from the Indonesian project going forward,” Höegh LNG’s CEO, Sveinung J. S. Støhle said.

FSRU market

Höegh LNG is currently bidding on five FSRU projects and has a shortlist of an additional five active FSRU projects at various stages of development.

The number of FSRU opportunities continues to increase, driven by LNG suppliers seeking to open new markets, the availability of LNG at very competitive prices and the significant time advantage of the FSRU solution compared to land-based LNG import terminals,” Höegh LNG said in the report.

To enable the company to take advantage of an “increasing number of opportunities in the FSRU market“, Höegh LNG raised $103 million of equity in an over-night private placement and in addition, it signed a new agreement for several firm priced FSRU options, it added.

 

LNG World News Staff; Image: Höegh LNG

 

 

 

 

 

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Posted on November 30, 2015 with tags .

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