Flex LNG Ltd. (FLNG,FLNG.OL) Wednesday said that its net income declined in the third quarter, impacted by lower revenues and higher costs. The company also declared a dividend for the quarter. The Bermuda-based LNG shipping company reported third quarter net income of $16.82 million or $0.31 per share, down from $17.41 million or $0.32 per share in the year-ago period.
On an adjusted basis, Flex LNG said that income was $23.52 million or $0.43 per share in the given period, compared to $28.68 million or $0.53 per share in the prior-year quarter.
Flex LNG said that pre-tax income during the third quarter fell to $16.84 million from $17.43 million in the same period last year.
The company's vessel operating revenues came in at $85.68 million in the three-month period, lower than $90.48 million recorded in the corresponding period of 2024.
In the third quarter, vessel operating expenses climbed to $18.8 million and the company also incurred extinguishment costs to the tune of $2.4 million.
Flex LNG declared a third-quarter dividend of $0.75 per share, which is payable on or December 11 to shareholders, on record as of November 28.
On the NYSE, FLNG ended Tuesday's trading at $26.53, down 1.52 percent. In overnight trading, the stock is up 3.7 percent at $27.50.
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