Teekay LNG Partners 2Q Profit Falls 59 Pct
Stock quotes in this article:
TGP
NEW YORK (AP) — Bahamas-based Teekay LNG Partners LP, a transporter of liquefied natural gas and liquefied petroleum gas, on Thursday said its second-quarter profit fell 59 percent, driven by hefty losses related to foreign exchange.
The company said its profit fell to $20.6 million, compared with $50.1 million in the same period last year. Teekay LNG Partners said the recent quarter was hurt by a $22.4 million foreign currency translation loss related to long-term debt denominated in euros. Revenue rose 12 percent to $80.1 million, up from $71.6 million in the prior year period. Analysts polled by Thomson Reuters expected revenue of $95.4 million. Shares of the company rose 81 cents, or 3.7 percent, to $22.70.- Loading Comments...
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