Cheniere Energy, Inc. (LNG) reported Friday, which is developing natural gas pipelines and terminals, reported a wider fourth quarter net loss, hurt by one-time charges.
Net loss for fourth quarter widened to $106.8 million, or $2.23 per share from $52.6 million, or $1.14 per share, in the previous year. Results were reported on a consolidated basis with Cheniere Energy Partners, L.P. (CQP) as Cheniere Energy, Inc. holds a 90.6% ownership interest.
The quarterly results included terminal and pipeline operating expenses of $9.94 million. Depreciation and amortization charges increased to $11.51 million from $1.87 million in the prior year period. Interest expense surged to Interest expense $52.60 million from $24.17 million, while interest income declined to $2.40 million from $15.68 million. Revenues for the quarter increased to $652 thousand from $638 thousand in the year-ago period.
For the full year, Cheniere reported a loss of $356.5 million, or $7.53 per share, compared to a net loss of $181.8 million, or $3.60 per share, in 2007. Excluding special items, the net loss would have been $267.1 million, or $5.64 per share, compared to a net loss of $181.8 million in 2007.
Revenue for 2008 was $7.14 million, compared to $647 thousand reported in 2007.
LNG is currently trading at $4.32, up $0.22 or 5.37%, on the NYSE.
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