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.
For comments and feedback: editorial@rttnews.com