Sales boost Exmar

Exmar has delivered a strong second quarter to complete a first half which has seen the company benefit from asset sales.

First half net profit of $51.7m compared to a restated $90.2m booked a year ago.

The shipowner was spurred by a $54.2m first half gain on the sale of 50% of its LPG business to Exmar to Teekay.

Further capital gains were seen on the disposal of older tonnage and real-estate assets.

Exmar says operating profit from its LNG business reached $2.5m against a loss of $4.2m a year ago.

Operating losses at its LPG arm came down to $4.6m while its offshore activities returned a higher operating gain of $4.5m.

Analysts at Fearnley Securities say adjusted second quarter earnings of $13.7m compared with the $7.4m they had predicted.