Frontline Plc (FRO.L), a shipping company engaged in the seaborne transportation of crude oil and oil products, Wednesday reported profit before tax of $65.25 million for the third quarter, lower than $107.75 million in the same quarter a year ago, primarily impacted by higher finance expense as well as loss on marketable securities.
The company incurred finance expense of $82.44 million in the latest quarter, compared with $38.11 million last year.
Frontline recorded a loss on marketable securities of 2.82 million for the quarter, whereas it had a gain of $17.88 million a year ago.
Operating income, however, increased to $144.81 million from $114.75 million last year.
Net profit was $60.46 million or $0.27 per share, down from $107.74 million or $0.48 per share a year ago.
Excluding one-time items, adjusted profit declined to $75.44 million or $0.34 per share from $80.81 million or $0.36 per share last year.
Revenue for the quarter grew to $490.32 million from $377.09 million in the previous year.
The company's Board has declared a quarterly dividend of $0.34 per share, to be paid by December 31. The ex-dividend date is expected to be December 11, for shares listed on the New York Stock Exchange and December 10, for shares listed on the Oslo Stock Exchange.
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