Frontline plc (FRO.L), an oil tanker shipping company, Thursday reported profit before income taxes of $182.37 million for the first quarter, lower than $199.44 million in the same quarter a year ago, primarily due to higher Voyage expenses and commission as well as finance expense.
Voyage expenses and commission increased to $207.19 million from $158.83 million last year, while Finance expense rose to $71.38 million from $45.42 million.
Net profit declined to $180.82 million or $0.81 per share from $199.63 million or $0.90 per share last year.
Excluding one-time items, adjusted profit was $137.95 million or $0.62 per share, down from $192.79 million or $0.87 per share a year ago.
Revenue for the quarter, however, increased to $578.4 million from $497.33 million in the previous year.
The company has declared a dividend of $0.62 per share, payable on or about June 28. The ex-dividend date is expected to be June 14 for shares listed on the New York Stock Exchange and June 13 for shares listed on the Oslo Stock Exchange.
For comments and feedback: editorial@rttnews.com