Cheniere Energy, Inc. (LNG) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $109.71 million, or $ 0.48 a share in the quarter, against a net loss of $291.10 million, or $1.28 a share in the last year period. On the other hand, adjusted net loss for the quarter narrowed to $78.09 million, or $0.34 a share from a loss of $154.84 million or $0.68 a share, a year ago. Revenue during the quarter surged 735.26 percent to $571.59 million from $68.43 million in the previous year period. Gross margin for the quarter contracted 2983 basis points over the previous year period to 59.87 percent.
Operating income for the quarter was $122.37 million, compared with an operating loss of $241.12 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $134.22 million compared to negative $90.65 million in the prior year second quarter.
"The fourth quarter of 2016 was another milestone quarter for Cheniere, as today we report financial results driven by nearly a full quarter of LNG production from the first two Trains at Sabine Pass," said Jack Fusco, Chenieres president and chief executive officer. "Transition and execution will remain central themes for Cheniere in 2017, as we expect Trains 3 and 4 at Sabine Pass to begin commercial operations, with Train 3 having produced its first commissioning cargo in January. The financial and operational results we are reporting today reflect our employees’ steadfast dedication to execution on our goals."
Debt increases substantially
Cheniere Energy, Inc. has witnessed an increase in total debt over the last one year. It stood at $21,935 million as on Dec. 31, 2016, up 32.19 percent or $5,341.19 million from $16,593.81 million on Dec. 31, 2015. Total debt was 92.54 percent of total assets as on Dec. 31, 2016, compared with 87.25 percent on Dec. 31, 2015. Debt to equity ratio was at 26.16 as on Dec. 31, 2016, up from 10.63 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
