Frontline plc (FRO) Friday reported profit before taxes of $79.07 million for the second quarter, significantly lower than $189.12 million in the comparable quarter last year, primarily impacted by lower revenue as well as other operating loss.
Operating income declined to $131.88 million from $255.92 million in the prior year.
Net profit was $77.54 million or $0.35 per share, down from 187.57 million or $0.84 per share a year ago.
Excluding one-time items, adjusted profit decreased to $80.35 million or $0.36 per share from $138.19 million or $0.62 per share last year.
Revenue for the quarter fell to $480.08 million from $556.03 million in the previous year.
The company also recorded other operating loss of $135,000 compared with income of $51.49 million last year.
The Board has declared a dividend of $0.36 per share for the second quarter, to be paid on or about September 24. The ex-dividend date is expected to be September 12 for shares listed on the New York Stock Exchange and September 11 for shares listed on the Oslo Stock Exchange.
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