Golar LNG Stumbles With Q2 Loss

Shipping group Golar LNG swung to a net loss of $112.7mn in the three months ending June 30, as a result of higher operating expenses. A year earlier, it posted a $36.3mn net profit.

Revenues soared to $96.75mn in the second quarter, up from $59.38mn a year earlier, the company said on August 29. But a growth in expenses left the firm with an operating loss of $23.44mn, compared with a $4.16mn income in April to June 2018.

“Operationally, Golar made steady progress,” he said. “In shipping, we have taken advantage of seasonally low rates to dry dock vessels ahead of the second half market upturn.”

Golar intends to suspend dividends for two quarters in order to buy back 3mn shares. It has also obtained $180mn in financing to help de-risk its balance sheet and improve liquidity.