GasLog quarterly profit more than doubles

GasLog quarterly profit more than doubles, helped by one-time gain, new vessels

Associated Press

NEW YORK (AP) -- GasLog Ltd., which operates carriers for natural gas shipping, said Wednesday its quarterly profit more than doubled, helped by a hefty one-time gain and the addition of new vessels.

For the quarter ended March 31, the Monaco-based company, which went public in March 2012, earned $5.9 million, or 9 cents per share, up from $2.2 million, or 6 cents per share, in the same quarter of 2012.

Excluding a $3.2 million gain on interest rate swaps and $590.3 million in foreign exchange losses, GasLog said its adjusted profit was 5 cents per share for the recent quarter.

Revenue rose 31 percent to $21.8 million from $16.6 million last year.

Analysts, on average, expected profit of 5 cents per share on $21.7 million in revenue, according to FactSet.

GasLog said that all four vessels in its fleet were fully utilized during the quarter. It took delivery of two liquefied natural gas carriers, which are chartered out to a subsidiary of BG Group PLC until 2018, and ordered another two that it also will charter to BG for a 10-year period.

As of March 31, the company had eight vessels on order, with six of them currently under construction and three of those expected to be delivered this year.

GasLog shares closed Tuesday at $13.18, up about 6 percent since the start of the year.

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