Exmar income at USD 51.7 million

Exmar reported preliminary unaudited results for the first semester 2014, posting a $51.7 million consolidated income.

The Group had a consolidated result after tax for the first semester of 2014 of $51.7 million. The result of the Group has been positively influenced by the capital gain realized on the sale of older LPG tonnage (approximately $24.5 million for the first semester of 2014) and the capital gain realized on the sale of real estate (approximately$1.5 million).

The Group also recorded for the first 6 months of 2014 a non–cash unrealised profit of $2.2 million on the change in fair value of its derivative instruments ($21.9 million in the first half of 2013).

The LNG fleet recorded an operational result (EBIT) of $18.5 million during the first six months of the year.

The company has previously successfully raised a NOK 700 million unsecured bond end of June. The amount has been swapped to $114 million at an all-in rate of 5.72%. The proceeds of the bond will be used for the development of new LNG and Offshore infrastructure projects in the coming months.

Press Release, August 1, 2014; Image: Exmar