Teekay LNG Partners 2Q profit falls 59 pct

Teekay LNG Partners 2nd-quarter profit falls 59 percent on hefty foreign exchange losses

• On 3:44 pm EDT, Thursday September 3, 2009

NEW YORK (AP) -- Bahamas-based Teekay LNG Partners LP, a transporter of liquefied natural gas and liquefied petroleum gas, on Thursday said its second-quarter profit fell 59 percent, driven by hefty losses related to foreign exchange.

The company said its profit fell to $20.6 million, compared with $50.1 million in the same period last year.

Teekay LNG Partners said the recent quarter was hurt by a $22.4 million foreign currency translation loss related to long-term debt denominated in euros.

Revenue rose 12 percent to $80.1 million, up from $71.6 million in the prior year period. Analysts polled by Thomson Reuters expected revenue of $95.4 million.

Shares of the company rose 81 cents, or 3.7 percent, to $22.70.