Teekay LNG Partners takes loss on charges

AP News
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Posted: Nov 13, 2009 1:44 PM

Teekay LNG Partners LP fell to a third-quarter loss, reversing a year-ago gain as it took a loss on derivatives.

The company said the net loss attributable to shareholders was $30.1 million, compared with income of $45.9 million a year ago.

The latest quarterly results included $33.9 million in unrealized losses on interest-rate swaps.

Excluding such items, the company said it would have earned $15.0 million for partners, compared with $16.3 million in the same period last year.

Revenue edged up to $79.8 million from $77.5 million a year ago.

Teekay LNG Partners, based in Bermuda, transports oil and liquefied natural gas under long-term contracts with major energy and utility companies through its fleet of carriers and tankers.

Shares rose 53 cents, or 2.1 percent, to $25.28 in midday trading.