Frontline PLC (FRO), a shipping company, on Friday reported lower profit for the third quarter, primarily impacted by a decline in revenue.
Profit before income tax decreased to $41.64 million from $65.25 million in the same quarter a year ago.
Net operating income fell to $95.97 million from $144.81 million a year earlier.
Net income for the quarter declined to $40.32 million or $0.18 per share from $60.46 million or $0.27 per share in the same period last year.
Excluding one-off items, adjusted profit was $42.51 million or $0.19 per share, down from $75.44 million or $0.34 per share in the previous year.
Revenue dropped to $432.65 million from $490.32 million a year earlier. Including other operating income, total revenues were $438.63 million, down from $490.36 million.
The Board declared a dividend of $0.19 per share for the third quarter, to be paid on or about December 19. The ex-dividend date is expected to be December 12 for shares listed on the New York Stock Exchange and December 11 for shares listed on the Oslo Stock Exchange.
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