BW LPG posts profit of $150m
BW LPG Ltd, the Bermudian-incorporated liquefied petroleum gas shipper that seeks to redomicile to Singapore, has reported a first-quarter net profit after tax of $150 million, yielding an annualised return on equity of 37 per cent with $468.5 million free cashflow generated.
The company said the Q1 operating profit was $157.8 million, and earnings per share was $1.07.
BW LPG successfully listed on the New York Stock Exchange on April 29, while maintaining its existing listing on the Oslo Stock Exchange.
Shareholders of the company are to meet in person on June 12 to vote on a scheme of arrangement that, if approved, would allow the company to move its place of incorporation to Singapore.
If shareholders approve the scheme, a hearing will be held by the Supreme Court of Bermuda to sanction it.
If the scheme is sanctioned by the court, it will become binding on the company and its shareholders once a copy of the court order is filed with the Registrar of Companies in Bermuda.
The company has been registered in Bermuda since 2008.
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