GasLog Partners posts lower Q4 profit, but 2017 numbers rise
GasLog Partners, the New York-listed spinoff of LNG shipper GasLog reported a profit of $28.9 million for the fourth quarter, a drop of 16 percent year-on-year.
The shipping company that owns 12 LNG carriers said in a statement that this was due to a decrease of $4.4 million in profit from operations.
The profit was impacted by the scheduled dry-docking of the LNG carrier GasLog Shanghai completed in November 2017.
For the full-year od 2017, profit rose 22 percent to $112.8 million, boosted by the full operation of the GasLog Greece and the GasLog Geneva, delivered in March 2016 and September 2016, respectively.
Fourth-quarter revenues dropped 2 percent to $77.3 million while full-year revenues rose 10 percent to $311.4 million.
“Following the successful acquisition of the Solaris, GasLog Partners delivered our highest-ever quarterly partnership performance results for revenues, EBITDA and distributable cash flow, among other metrics,” said Andrew Orekar, chief executive officer.
The company increased its cash distribution for the fifth consecutive quarter to $0.52 per unit, or $2.09 per unit annualized, while maintaining conservative distribution coverage.