Teekay LNG Partners L.P (TGP) has reported a 568.27 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $50.11 million in the quarter, compared with $7.50 million for the same period last year. On an adjusted basis, net profit for the quarter was $32.09 million, when compared with $37.12 million in the last year period.
Revenue during the quarter went up marginally by 2.28 percent to $100.66 million from $98.42 million in the previous year period. Total expenses were 49.70 percent of quarterly revenues, down from 57.12 percent for the same period last year. This has led to an improvement of 743 basis points in operating margin to 50.30 percent.
Operating income for the quarter was $50.63 million, compared with $42.20 million in the previous year period.
“Following the Partnership’s strong cash flows generated in the second quarter of 2016, which were supplemented by a favorable charter dispute settlement, the Partnership continued to generate strong cash flows in the third quarter of 2016 with the delivery of the Oak Spirit MEGI LNG carrier newbuilding which commenced its five-year charter contract with Cheniere Energy in early-August 2016,” commented Peter Evensen, chief executive officer of Teekay GP LLC.
Operating cash flow drops significantly
Teekay LNG Partners L.P has generated cash of $150.92 million from operating activities during the nine month period, down 26.09 percent or $53.28 million, when compared with the last year period.
Cash flow from investing activities was $132.58 million for the nine month period as against cash outgo of $157.64 million in the last year period.
The company has spent $117.59 million cash to carry out financing activities during the nine month period as against cash outgo of $52.02 million in the last year period.
Cash and cash equivalents stood at $268.40 million as on Sep. 30, 2016, up 74.09 percent or $114.22 million from $154.17 million on Sep. 30, 2015.
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