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Slim pickings for Golar

Slim pickings for Golar

Seoul: Golar LNG's substantial stake in Korean LNG operator Korea Line produced only a marginal $0.2m contribution to Golar's second quarter profits compared to $5.6m in the first quarter. The Bermuda-based company said however that the result would have been comparable if gains in Korea Line's first quarter results, from early charter terminations, had been stripped out. Golar declared net income of $17.3m for the quarter against a loss of $4.4m in the equivalent quarter last year. Operating income almost doubled to $22.3m as a result of improved spot rates, utilisation, and the January delivery of a new vessel to the fleet. (25/08/06)

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