Cheniere Partners’s operations for the first three months ended March 31, 2007, including the combined predecessor entities for the period January 1, 2007 through March 25, 2007, resulted in a net loss of $12.9 million. On a similar basis, the net loss for the first quarter of 2008 increased $1.7 million, or 12.9%, to $14.5 million.
The increase of $1.7 million was primarily due to increased labor cost associated with the hiring of employees for the purpose of operating the Sabine Pass liquefied natural gas (LNG) receiving terminal beginning in the second quarter of 2008.
Cheniere Partners reported restricted cash balances totaling $556.2 million as of March 31, 2008, including $276.7 million set aside to complete the construction of the Sabine Pass LNG receiving terminal, $215.2 million for interest payments relating to the Sabine Pass senior notes and $64.3 million as a reserve for distributions to the Cheniere Partners’s common unit holders.
