Bermudian-based Avance Gas Holding Ltd has reported a net profit of $32.1 million in fiscal year 2021.

That figure compares to a net profit of $70.9 million in 2020.

The company, which is engaged in the transportation of liquefied petroleum gas, had a net profit of $7.5 million in the fourth quarter, compared with a net profit of $4.2 million in the third quarter.

Avance Gas reported time charter equivalent (TCE) earnings of $32.9 million for the quarter, compared with $31.6 million in Q3. Adjustment related to the IFRS 15 accounting standard resulted in a decrease in TCE earnings of $2.9 million for Q4 compared with an increase of $400,000 in Q3.

TCE earnings for 2021 were $143 million compared with $144.1 million in 2020.

Avance Gas’ total assets amounted to $955.4 million at December 31, compared with $936.8 million at September 30.

Total shareholders’ equity was $539.2 million at quarter-end, corresponding to an equity ratio of 56.4 per cent. This compares with total shareholders’ equity of $531.6 million and an equity ratio of 56.7 per cent at the end of Q3.

Cash and cash equivalents were $101.9 million at December 31, compared with $102.3 million at September 30.

The average TCE rate was $27,631/day compared with $27,548/day in Q3. The full year TCE rate was $31,302/day compared with $32,418/day in 2020.

For the first quarter of 2022, the company estimates a TCE rate of approximately $40,000/day contracted for 80 per cent of vessel days.