(Bloomberg) ? Golar LNG Ltd., a Bermuda-based owner of ships carrying liquefied natural gas, said first-quarter profit rose 32 percent as sales increased and income from its 21 percent stake in Korea Line Ltd. almost doubled.

Net income rose to $17.7 million, or 27 cents a share, from $13.4 million, or 20 cents, a year earlier, Golar said yesterday in a statement to the Oslo exchange. Sales rose 23 percent to $44.2 million.

The Hamilton, Bermuda-based company booked profit of $10 million from its 21 percent stake in Korea Line in the quarter.

Golar, created by Norwegian billionaire John Fredriksen, has wagered $1.1 billion on liquefied natural gas since 2001, buying seven LNG tankers without first signing contracts for their use. Three of the four tankers completed have no long-term contracts generating income to cover their building costs.

Golar shares fell as much as 1 krone, or 1.3 percent, to 75 kroner as of 10.45 a.m. in Oslo.

The shares are down 17 percent in the past year, valuing the company at 4.9 billion kroner ($760 million).

The Lloyd?s List/Bloomberg index, which includes the world?s 50 biggest shipping companies by market value, rose a third in the same period.