Frontline plc (FRO), an oil tanker shipping company, Friday reported net profit of $187.57 million or $0.84 per share for the second quarter, lower than $230.67 million or $1.04 per share in the same quarter a year ago, primarily due to higher finance expense.
Finance expense was $73.38 million for the latest quarter, compared with $32.39 million in the prior-year quarter.
Excluding one-time items, profit was $138.2 million or $0.62 per share, that missed analysts' average estimate of $0.67 per share. Analysts' estimates typically exclude special items.
Operating income rose to $255.92 million from $252.98 million last year.
Revenue for the quarter increased to $556.03 million from $512.76 million in the previous year. The consensus estimate was for $382.32 million.
The company's Board has declared a dividend of $0.62 per share, to be paid on or about September 30. The ex-dividend date is expected to be September 13 for shares listed on the New York Stock Exchange and September 12 for shares listed on the Oslo Stock Exchange.
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