Frontline Ltd. (FRO,FRO.L) posted significantly lower first-quarter 2012 net income attributable to the company of $7.2 million, or $0.09 per basic share, compared with last year's $15.47 million, or $0.20 per basic share.
Recent quarter's net income attributable to the company includes a gain on sale of assets and amortization of deferred gains of $11.0 million, including a gain of $9.4 million on the termination of the charter party for the single hull VLCC, Titan Orion (ex-Front Duke), an aggregate deferred gain of $3.8 million relating to the sale and leasebacks of DHT Eagle (ex Front Eagle) and Gulf Eyadah (ex Front Shanghai) and a loss of $2.2 million on the sale of the double hull Suezmax tanker, Front Alfa.
Total operating revenues dropped to $167.29 million from $234.81 million a year earlier.
In addition, the board expects the operating result in the second quarter to be better than the first quarter.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.