GasLog Q4 Profit Rises Almost Eight-fold, Results Beat View

(RTTNews) - GasLog Ltd. (GLOG), a Monaco-based operator of liquefied natural gas carriers, on Friday reported a surge in profit for the fourth quarter on strong revenue growth. Both revenue and adjusted earnings per share for the quarter beat analysts' expectations.

The company's net income for the fourth quarter rose to $21.44 million or $0.34 per share from $2.71 million or $0.04 per share in the prior-year period.

Excluding the effects of the unrealized items on swaps and foreign exchange gains, adjusted net income for the quarter was $17.38 million or $0.28 per share, compared to $1.78 million or $0.03 per share in the year-ago period.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter more than tripled to $59.34 million from $18.30 million in the same period last year, mainly attributable to the delivery of six ships. Analysts had a consensus revenue estimate of $53.05 million.

For fiscal 2013, GasLog's net income surged to $56.93 million or $0.91 per share from $4.25 million or $0.07 per share for the prior year. Adjusted net income for the year was $39.13 million or $0.62 per share, compared to $10.49 million or $0.18 per share in the previous year.

Revenues for the year more than doubled to $157.24 million from $68.54 million in the prior year.

Street expected the company to earn $0.62 per share for the year on revenues of $150.98 million.

As at December 31, 2013 GasLog has seven newbuildings on order at Samsung. The company noted that its vessels presently under construction are on schedule and within budget.

Further, the company said its board of directors declared a quarterly cash dividend of $0.12 per share, payable on March 25 to shareholders of record as of March 10.

Looking ahead, GasLog said its long-term outlook for LNG shipping remains very positive with several significant liquefaction projects nearing completion. The company noted that over the coming years, a steady stream of large projects are expected to come online around the world.

With the recently announced BG Group transaction, the company said it will significantly increase its backlog of contracted revenue to about $2.5 billion, further improving the company's financial flexibility and liquidity.

In a separate statement, GasLog said its board of directors has called an annual general meeting to be held in Monaco on Tuesday, May 13, 2014. Shareholders of record at the close of business on Friday, March 21, 2014 will be entitled to receive notice of and to vote at the annual general meeting.

GLOG closed Thursday's trading at $21.47, down $0.14 or 0.65 percent on a volume of 586,806 shares.