Hoegh LNG’s Q1 total income at USD 47 million

Oslo-based Höegh LNG reported US$46.9 million in total income for the first quarter of this year, down from US$51.3 million in the same period in 2014.

The company’s EBITDA rose to US$16.5 million, as compared with US$1 million in the first quarter last year.

The improved EBITDA in the quarter is a result of PGN FSRU Lampung and Independence both generating income for a full quarter after start up of the long-term FSRU contract in Indonesia and Lithuania, Höegh LNG’s CEO Sveinung J. S. Støhle said.

“In a subsequent event, Höegh Gallant also commenced operations under its long term FSRU contract in Egypt and will contribute positively to EBITDA from the second quarter 2015. With the increase in opportunities we see in the FSRU market, growth prospects are good and the company is considering accelerating its newbuilding investment plan,” Støhle added.

Höegh LNG posted a loss before tax of US$1.9 million in the quarter, an improvement from a loss of US&4.5 million due to PGN FSRU Lampung and Independence being in operation.

Total cash flow in the quarter was US$14.3 million, compared to US$16 million.