Höegh LNG Holdings (HLH) and its subsidiaries reported a total income of $126.8 mill and an EBITDA of $78.7 mill for the second quarter of 2023.8.23
This compares to $137.4 mill and $91.9 mill for the preceding quarter.
The $13.2 mill fall in EBITDA was mainly a result of ‘Hoegh Giant’, which earned a very strong charter rate in the first quarter, being idle for most of second quarter, partially offset by ‘Hoegh Gandria’, which was acquired towards the end of the first quarter, commencing a one year LNGC timecharter from late April 2023.
The group recorded a profit after tax of $19.6 mill for 2Q23, a drop of $14.5 mill from $34.1 mill recorded in the preceding quarter. The decrease was mainly related to the EBITDA decrease and an increase in income taxes.
Operating cash flows increased in second quarter by $7.7 mill to $77 mill. This increase was mainly driven by changes in working capital, partially offset by the drop in EBITDA and higher payment of corporate income tax.
Net cash outflows from investing activities of $11.8 mill was mainly related to investment in new equipment for FSRUs. Net cash inflows from financing activities during the quarter totalled $96.1 mill, primarily comprising net proceeds from new borrowings, offset by repayment of a corporate credit facility, regular instalments of borrowings and lease payments, dividends paid to non-controlling interests in Höegh LNG Partners (HMLP) and interest payments.
For the first half of 2023, HLH reported a total income of $264.2 mill and EBITDA of $170.6 mill, which compares to $178.6 mill and $101.3 mill, respectively for the same period of 2022.
The EBITDA increase primarily reflected higher contribution from several vessels contracting higher charter rates and having less idle time and the acquisition of ‘Hoegh Gandria’ in March 2023.
HLH recorded a net profit after tax $53.6 mill for 1H23, which compares to a net loss of $5.5 mill for the same period last year. The improvement is mainly due to the aforementioned increase in EBITDA, partly offset by an increase in net interest expenses.
