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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.