Teekay LNG Partners swings to 3rd-quarter loss on interest-rate swap losses
By APFriday, November 13, 2009
Teekay LNG Partners takes loss on charges
NEW YORK — Teekay LNG Partners LP fell to a third-quarter loss, reversing a year-ago gain as it took a loss on derivatives.
The company said the net loss attributable to shareholders was $30.1 million, compared with income of $45.9 million a year ago.
The latest quarterly results included $33.9 million in unrealized losses on interest-rate swaps.
Excluding such items, the company said it would have earned $15.0 million for partners, compared with $16.3 million in the same period last year.
Revenue edged up to $79.8 million from $77.5 million a year ago.
Teekay LNG Partners, based in Bermuda, transports oil and liquefied natural gas under long-term contracts with major energy and utility companies through its fleet of carriers and tankers.
Shares rose 53 cents, or 2.1 percent, to $25.28 in midday trading.
Tags: Energy, New York, North America, United States, Utilities