Bermudian-based Avance Gas Holding Ltd has reported a third quarter net profit of $4.2 million.

That compares with a net profit of $1.5 million in the second quarter of the year.

The company, which is engaged in the transportation of liquefied petroleum gas, reported time charter equivalent earnings of $31.6 million, compared to $30.7 million in the previous quarter.

Adjustment related to the IFRS 15 accounting standard resulted in an increase in TCE earnings of $400,000 in the third quarter compared to a decrease of $1.2 million in the second quarter, the company said.

Operating expenses were $10.3 million, equalling a daily average of $8,610/day. This compares to $9,311/day in the second quarter.

The company said operating expenses were impacted by Covid-19 crew change expenses and increased freight cost of approximately $650/day in total.

Non-operating expenses, consisting mainly of financial expenses, were $3.9 million, compared to $4.3 million in the previous quarter.

Avance Gas’ total assets amounted to $936.8 million at September 30, compared with $948 million at June 30.

Total shareholders’ equity was $531.6 million at quarter-end, corresponding to an equity ratio of 56.7 per cent. This compares with total shareholders’ equity of $526.7 million and an equity ratio of 55.6 per cent at the end of the previous quarter.

Cash and cash equivalents were $102.3 million at September 30, compared to $107.9 million at June 30.

Cash flow from operating activities was positive $16.3 million, compared with positive $3.2 million in the second quarter.

Avance Gas is one of the world's leading owners and operators of very large gas carriers and operates a fleet of 13 modern ships and six Dual Fuel LPG newbuildings due for delivery in Q1 2022, Q4 2022 and Q1-Q4 2023.