GasLog Partners: Slides after co swings to quarterly loss, dividend cut

GasLog Partners LP

06/02/2020 13:22

** Shares of LNG carrier  GLOP.N  fall 32% to $6.9 premarket
    ** Co reports Q4 loss of $2.37 per share vs year-ago profit
of $0.30 per share  urn:newsml:reuters.com:*:nGNX5nMdvY
     ** Says it recognized a non-cash impairment of $138.8 mln
on five of its steam turbine propulsion vessels built in 2006
and 2007, due to negative market conditions
    ** Company expects to reduce its quarterly dividend to
$0.125/shr for Q1, from $0.561/shr in Q4 
    ** GLOP says it will reduce the size of its London office
and will relocate a number of executives from London to Piraeus,
including senior management members
    ** Current average rating on stock is "hold"; Median PT is
$19.50
    ** Shares had fallen 21% in 2019

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))