Frontline Ltd. (FRO: Quote,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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by RTT Staff Writer
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