Teekay LNG Partners L.P. (TGP) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $29.06 million in the quarter, against a net loss of $37.14 million in the last year period. On an adjusted basis, net profit for the quarter was $21.09 million, when compared with $34.15 million in the last year period.

Revenue during the quarter grew 5.65 percent to $101.18 million from $95.77 million in the previous year period. Total expenses were 54.46 percent of quarterly revenues, down from 82.27 percent for the same period last year. This has led to an improvement of 2781 basis points in operating margin to 45.54 percent.

Operating income for the quarter was $46.08 million, compared with $16.98 million in the previous year period.

"During the first quarter, the Partnership's results were in-line with our expectations," commented Mark Kremin, President and chief executive officer of Teekay Gas Group Ltd.

Cash flow from investing activities was $1.61 million for the quarter, down 94.96 percent or $30.28 million, when compared with the last year period.

The company has spent $2.57 million cash to carry out financing activities during the quarter as against cash outgo of $57.90 million in the last year period.

Cash and cash equivalents stood at $181.20 million as on Mar. 31, 2017, up 58.75 percent or $67.06 million from $114.14 million on Mar. 31, 2016.