OSLO, Norway, May 28, 2003 (PRIMEZONE) -- Golar LNG (Nasdaq:GLNG) reports net income of $9.7 million for the three months ended March 31, 2003 and operating income of $16.9 million as compared to $9.0 million and $16.6 million respectively for the three months ended March 31, 2002.
Operating income includes a charge for depreciation and amortisation of $7.6 million ($8.0 million for the first quarter of 2002). Earnings per share for the quarter were $0.17 as compared to $0.16 for the same period in 2002. This result is after a net (after minority interests) loss of $0.6 million ($0.3 million for the first quarter of 2002) as a result of the movement of the fair value of interest rate swaps.
Operating revenues for the quarter were $33.0 million ($32.4 million for the first quarter of 2002), average daily time charter equivalents (TCEs) were $60,450 and there was no offhire during the first quarter of 2003.
Vessel operating expenses for the first quarter of 2003 were $7.3 million and administration costs were $1.2 million for the quarter as compared with $6.5 million and $1.2 million for the same period in 2002.
Net interest expense for the first quarter of 2003 was $5.3 million ($5.8 million for the first quarter of 2002). The main component of other financial items of $1.2 million for the quarter was a loss of $0.9 million associated with the fair valuing of interest rate swaps. The charge is offset by the minority interest element of 40 per cent resulting in a net book loss for Golar of $0.6 million.
The weighted average number of shares outstanding as of March 31, 2003 and 2002 and for both quarters then ended was 56,012,000.
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