Brief: BW LPG Q3 Net Profit After Tax At USD 25 Mln

BW LPG

13/11/2020 07:11

Nov 13 (Reuters) - BW LPG Ltd  BWLPG.OL :
    * BW LPG FINANCIAL RESULTS FOR Q3 2020
    * ACHIEVED Q3 2020 VLGC FREIGHT RATES OF USD 26,800 PER DAY
WITH
94% FLEET UTILISATION
    * GENERATED Q3 2020 NET PROFIT AFTER TAX OF USD 25 MILLION
OR AN
EARNINGS PER SHARE OF USD 0.18
    * Q3 HAS PROVEN TO BE WEAKEST QUARTER THUS FAR IN 2020
    * YTD SEPTEMBER 2020 ANNUALISED RETURN ON EQUITY OF 19% WITH
USD
400 MILLION OF FREE CASH FLOW
    * DECLARED Q3 2020 CASH DIVIDEND OF USD 0.15 PER SHARE -
THIS
TRANSLATES TO A PAY-OUT RATIO, AS A PERCENTAGE OF NPAT, OF 84%
IN Q3 AND 42% YTD
    * BW LPG REMAINS OPTIMISTIC ABOUT VLGC MARKET FOR REST OF
YEAR AND
WE HAVE ALSO UPGRADED OUR VIEW FOR 2021
    * VLGC FREIGHT MARKET IS STRONG AND IS SUPPORTED BY
RESILIENT LPG
EXPORTS OUT OF US, RECOVERY IN LPG EXPORTS FROM MIDDLE EAST, AND
A WIDENING ARBITRAGE DRIVEN BY STRONG DEMAND AND REDUCED FLEET
AVAILABILITY.
    * Q3 2020 NET PROFIT AFTER TAX OF USD 25 MILLION
    * BW LPG PAID DOWN DEBT AND REDUCED ITS NET LEVERAGE RATIO
TO 44%
IN Q3 2020, FROM 54% IN Q3 2019
    * BOARD HAS DECLARED A Q3 2020 CASH DIVIDEND OF USD 0.15 PER
SHARE
AMOUNTING TO USD 21 MILLION
    * TIME CHARTER EQUIVALENT (TCE) INCOME AMOUNTED TO USD 101
MILLION
IN Q3 2020 AND USD 413 MILLION IN YTD SEPTEMBER 2020
    * DIVIDEND WILL BE PAYABLE ON OR ABOUT 11 DECEMBER 2020 TO
SHAREHOLDERS ON RECORD AS OF 19 NOVEMBER 2020.

Source text for Eikon:  ID:nObiFwGVGa 
Further company coverage:  BWLPG.OL 

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