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New Fortress Energy announces a larger second-quarter loss

New Fortress Energy, a U.S. LNG company, posted a larger loss for the second quarter on Friday as lower contributions from asset sales affected its performance.

The New York-based firm reported a net profit of $556.8 millions, or $2.02 per common share, for the three months ending June 30. This compares to a $86.9million loss, or 44c per share, one year ago.

NFE's revenue total fell from $428.8 million to $301.7 in the second quarter. The company's core adjusted earnings dropped to a loss $3.7 million, from a profit $120.2 million one year ago.

New Fortress Energy's earnings were negatively affected by the sale of its Jamaican assets to Excelerate Energy in May. The company was able to reduce its debt and lower its earnings.

The company stated that it intended to use the proceeds from the transaction to repay $270 million of their loan.

The company started last year.

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After deferring dividends for shareholders to conserve cash, and working out an agreement with bondholders in order to delay maturities, you have options such as bringing strategic partners into the picture or selling assets.

(source: Reuters)